Courier service company DTDC Express Ltd has picked up 20% stake in logistics solutions startup Shipsy for an amount of over $1 million. Owned and operated by Llama Logisol Pvt Ltd, Shipsy was founded in June 2015 by four IIT graduates Soham Chokshi, Dhruv Agrawal, Maharshi Devraj, and Himanshu Gupta.
The raised funding will be used by the startup to strengthen its technology infrastructure and build on the solutions being offered. The association with DTDC, would also ensure stability in revenues, with the company hoping to achieve breakeven within the next financial year.
"This also gives a strong entry point for Shipsy to partner with other leading companies in the Supply Chain spectrum being slightly strategic in nature also marks a broader trend in the startup landscape of moving to sustainable business models with a strong focus of value creation and revenue generation," the company said.
In September 2015, Shipsy raised an undisclosed amount of funding from a group of angels including Dheeraj Jain, managing partner of Redcliffe Capital.
The Gurgaon-based startup initially started off as a C2C logistics company, but soon realized that the bigger problem to solve was smarter decision making using the vast amount of data available – location intelligence, last mile delivery optimization and supply chain planning. Seeing the big demand for this in enterprises across the spectrum, Shipsy started working with some of the leading logistics companies. The work done is divided into three broad categories: Architecture design for business intelligence; Intelligent systems for critical business processes and Analytics platform for actionable insights.
Although most of the paying clients Shipsy has are in the Supply Chain industry, the team has created a platform generic enough to sit on top of any company’s database collection and, using machine intelligence, explores all of a company’s databases providing a single view across all of the systems. They have been in talks with companies in the financial industry for data driven detection on financial fraud for the same.
In terms of the road forward, the company plans to establish itself as a leader in the field of data driven decision making and creating scalable platforms around the same.
GoodsOnMove, an on-demand logistics aggregator for relocation and trucking services, is also in advanced talks with potential investors to raise seed funding. Other logistics ventures like Moovo, BlackBuck, TruckMandi, theKarrier, The Porter, Rivigo, Grab and Blowhorn have already funding.
Advertisements