Logistics management platform Shipsy has raised USD 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, the company said.
The company plans to use the funding to continue growing in the Middle East, India and Southeast Asian markets while accelerating global expansion into new markets such as Europe and the US, the company said in a statement.
In addition, Shipsy will also be using the funds to drive technological innovation with a greater focus on enhancing sustainability outcomes in the global logistics industry and their platform’s AI, Machine Learning and Blockchain capabilities.
“We are thrilled to partner with seasoned investors with a common vision to transform the global logistics industry using a technology-first approach. Their continued support strengthens our mission of enabling customers to achieve sustainable business and logistics excellence,” Shipsy CEO and co-founder Soham Chokshi said.
This round comes on the back of Shipsy having raised a Series-A funding of USD 6 million in 2020 led by Sequoia Capital India’s Surge and Info Edge.
In 2021, to support a growing customer base in the Middle East, Shipsy established its regional headquarters in Dubai and, more recently, in Indonesia for its Southeast Asian customers, the statement said.
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“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” A91 Partners partner Kaushik Anand said.
Z3 Partners managing partner Gautam Patel said Shipsy’s addressable market has quadrupled post-COVID.
