- Shipsy recently announced it raised $25 million in Series B funding. These are the details.
Shipsy – a leading SaaS-based smart logistics management platform provider – announced it has raised $25 million in a Series B round co-led by A91 Partners and Z3 Partners along with existing investors Info Edge and Sequoia Capital India’s Surge. This funding round will enable Shipsy to continue growing its stronghold in the Middle East, India, and Southeast Asian markets while accelerating global expansion into Europe and the US. Plus Shipsy will also use the funds to drive rapid technological innovation with a greater focus on enhancing logistics sustainability and its AI, ML, and Blockchain capabilities.
Shipsy’s technology-first approach has enabled them to build customer trust and loyalty, which is a key factor driving investments. And Shipsy’s continuous focus on enabling businesses to provide customer transparency, flexibility, and convenience has been a critical reason behind its growth.
This funding round comes on the back of Shipsy having raised a Series A funding of $6 million in 2020 led by Sequoia Capital India’s Surge and Info Edge. And last year, Shipsy established its regional HQs in Dubai. The company also recorded a growth rate of 2.5x in its ARR and grew its customer base by 75% last year.
KEY QUOTES:
“We are thrilled to partner with seasoned investors with a common vision to transform the global logistics industry technology. Their continued support strengthens our mission of enabling customers to achieve sustainable business and logistics excellence. It takes us closer to our goal of becoming the de-facto logistics operating system globally.”
— Soham Chokshi, CEO and Co-Founder Shipsy
“Shipsy’s technology offering enables them to be the single partner of choice for enterprises who are transforming their logistics operations. Large category leading customers have been thrilled at the impact of Shipsy in their operations. We look forward to partnering with them as they become a leader in logistics software.”
— Kaushik Anand, Partner at A91 Partners
“Shipsy is building a comprehensive customer-first SaaS company servicing a critical need in shipping, freight, and the entire global supply chain. Shipsy’s addressable market has quadrupled post-COVID. We are excited to partner with Soham, Dhruv, Harsh, and team as they build Shipsy into a world-class software company.”
— Gautam Patel, Managing Partner, Z3Partners
“We have been backing Shipsy from a very early stage. We are delighted to see them growing rapidly over the past couple of years. They have demonstrated significant impact on the supply chain and logistics industry. We believe in their mission and foresee them becoming one of the largest global logistics SaaS ventures that’s built in India.”
— Sanjeev Bikhchandani, Founder and Executive Vice Chairman of Info Edge
