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| Shipsy's Core Team Members |
New Delhi, November 25th 2020: As firms globally look to digitize and automate their supply chains, Shipsy - a SaaS based venture empowering shippers and logistics companies to digitize and automate their operations, has raised $6m in Series A funding co-led by Sequoia Capital India's rapid-scale up program Surge, and existing investor Info Edge.
Shipsy is creating the largest global trade network by bringing all stakeholders of the International logistics ecosystem on a single platform. The approach is to create a strong SaaS workflow management platform that allows network participants to collaborate and work together, reducing process bottlenecks, enhancing efficiency and bringing transparency. Shipsy boasts of processing 10% of India's trade as well as having the biggest 3PL company, the largest exporter and retailer along with the largest QSR chain amongst their clientele.
Soham Chokshi, Co-founder and CEO of Shipsy says "The platform helps shippers reduce freight costs by automating and digitizing freight negotiations, reducing incidental charges, significantly improving shipping turnaround time and minimising working capital loss for shippers through advanced machine learning models."
"Owing to a substantial increase in the demand for our solution, it was important to leverage the momentum and look out for global investment partners in our next leg of our journey. The money raised will help fuel our growth and enable us to become a market leader, allowing us to continue our aggressive geographical expansion, besides investing in product innovation to keep us ahead of the curve. While we have run our venture profitably, it was critical for us to partner with like-minded global investors in our journey as we venture into larger markets", Soham added.
More than 120 enterprises, including 5 of the top 10 exporters of India are among Shipsy's clients today. Strong word-of-mouth and referrals from the top names have aided the multifold growth over the last 1 year. As for the business, revenues have grown over 3 fold in the last year and a half. The company has substantially increased its customer base by over 2x just over the lockdown period as enterprises look out for a digital solution to manage shipments.
Commenting on the follow-on fundraise, Mr. Sanjeev Bikhchandani, Founder and Executive Vice Chairman of Info Edge added "Shipsy's team has a customer-first approach and their software product solves for opacity in the logistics supply chain for enterprises using intuitive workflow automation. The product has seen great adoption from large Indian as well as overseas corporates with significant cost reduction for them. We are excited to continue backing the team as Shipsy is evolving into a global B2B product being built and scaled from India."
Shipsy was co-Founded in June 2015 by IITians Soham Chokshi, Dhruv Agarwal, Himanshu Gupta, and Sahil Arora. The company inducted Harsh Kumar, ex co-founder of cogoport, in the management as Chief Strategy Officer and also got in Mr. Arun Kumar to lead people success initiatives. Shipsy's platform helps enterprises manage their end-to-end logistics across multiple modes and also collaborate more efficiently with their vendors onboarded on the platform.
Seeing the needs of the market where players needed real-time visibility and reduced costs, the team set out to build a Bloomberg-like platform for supply chain management—creating the largest supply chain network by bringing all participants such as exporters, importers, third party logistics, shipping lines, banks, insurance companies on a single platform.
Recently the company also launched the Network module for SME-MSME, onboarding over 5000 shippers and giving them access to the digital platform featuring competitive vendors to help lower their cost. Shipsy, which has raised about Rs 10 crore till date, has customers across Dubai, Saudi Arabia, North Africa, Singapore and Malaysia and its network is used by India's largest petrochemical, steel, rice and textile exporters.
About Surge
Surge is Sequoia Capital India's rapid scale-up program for startups in India and Southeast Asia. Surge combines $1 million to $2 million of seed capital with company-building workshops, a global curriculum and support from a community of exceptional mentors and founders. The program's goal is to supercharge early-stage startups and give founders an unfair advantage, right out of the gate. For more information on Surge, visit www.surgeahead.com.
Info Edge (NSE: Naukri) is India's largest listed internet company with a market cap of around USD 7 billion. It has been a very active early stage investor in Indian technology startups for over a decade now and has backed companies like Zomato, Policybazaar among others as the first institutional investor. Info Edge owns and runs leading internet businesses – Naukri.com, 99acres.com, Jeevansathi.com, iimjobs.com.
About Surge
Surge is Sequoia Capital India's rapid scale-up program for startups in India and Southeast Asia. Surge combines $1 million to $2 million of seed capital with company-building workshops, a global curriculum and support from a community of exceptional mentors and founders. The program's goal is to supercharge early-stage startups and give founders an unfair advantage, right out of the gate. For more information on Surge, visit www.surgeahead.com.
Info Edge (NSE: Naukri) is India's largest listed internet company with a market cap of around USD 7 billion. It has been a very active early stage investor in Indian technology startups for over a decade now and has backed companies like Zomato, Policybazaar among others as the first institutional investor. Info Edge owns and runs leading internet businesses – Naukri.com, 99acres.com, Jeevansathi.com, iimjobs.com.
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