Shipsy gets $6 million from Sequoia Surge, Info Edge
Shipsy wants to use the funds to expand across geographies, look for more market share and expand its operations.
November 25, 2020 / 03:42 PM IST
Shipsy, a software as a service platform for shipping and logistics companies, has raised $6 million in a funding round led by Sequoia Capital’s early-stage fund Surge and existing investor Info Edge.
“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,” chief executive Soham Chokshi said.
The money raised will be used to fuel growth and bolster business volumes and help Shipsy become the market leader in this segment and also expand across geographies.
The company processes 10 percent of India’s trading volumes and counts large exporters, retailers and quick-service chains among its clients.
Shipsy is trying to create a network of businesses in the international logistics space under one umbrella. The idea is to create a software platform connecting multiple players, help reduce bottlenecks, increase efficiency and bring transparency in the international shipping business, it said.
The platform helps shippers reduce freight costs by automating and digitising freight negotiations, reducing incidental charges, improving turnaround time and minimising working capital loss through advanced machine-learning models, Chokshi said.
More than 120 enterprises, including India's five top exporters, are among Shipsy’s clients. Revenue has grown over three fold in the last 18 months and the company expanded its customer base two times over during the lockdown period.