The new capital will be used to help Shipsy continue expanding its presence in the Middle East, India and Southeast Asian markets while growing internationally into Europe and the U.S. The new funds will also go towards advancing new technologies with more emphasis on boosting logistics sustainability, as well as driving its capabilities in artificial intelligence (AI), machine learning (ML) and blockchain.
Soham Chokshi, CEO and co-founder of Shipsy, said in a press release on Thursday (Feb. 24) that the company is aiming to revolutionize the technology driving global logistics and is happy to team up with “seasoned investors with a common vision.”
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Chokshi added that having investors’ backing “strengthens our mission of enabling customers to achieve sustainable business and logistics excellence” and also helps Shipsy get closer to realizing its goal of “becoming the de-facto logistics operating system globally.”
Shipsy centers its business around a technology-first approach that has helped the startup develop deep customer trust and loyalty.
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“Shipsy’s technology offering enables them to be the single partner of choice for enterprises who are transforming their logistics operations. 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,” said Kaushik Anand, partner at A91 Partners.
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This funding follows Shipsy’s $6 million Series A funding in 2020 led by Sequoia Capital, India’s Surge and Info Edge. Last year, Shipsy set up regional headquarters in Dubai to support its widening base of customers in the Middle East. More recently, the company set up an office in Indonesia to cater to its Southeast Asian customers.
Shipsy also said in the release that it posted a growth rate of 2.5x its ARR and grew its customer base by 75% last year.
