The company will use the funds to grow in the Middle East, India and Southeast Asia, while accelerating expansion into new markets such as Europe and the US, it said in a release. It will also use the money to enhance technological innovation and its platform’s AI, machine learning and blockchain capabilities.
Shipsy was co-founded in June 2015, by Soham Chokshi, Dhruv Agarwal, Himanshu Gupta, and Sahil Arora. It helps businesses across retail, manufacturing and logistics with shipping, freight and the supply chain solutions. In 2020, it raised $6 million from Sequoia’s Surge and Info Edge.
“The funding takes us closer to our goal of becoming the de-facto logistics operating system globally, such that every shipment being delivered, whether to a consumer or to a business, whether domestically or internationally, is powered by Shipsy’s,” said Chokshi, CEO and cofounder.
“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,” said Gautam Patel, managing partner, Z3Partners.
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 company also recorded 2.5x growth in its annual recurring revenue (ARR) and grew its customer base by 75% last year, the company said.
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