Info Edge invests Rs 5 cr in Shipsy
The Gurugram-based startup will use the proceeds of the pre-series A round towards sales and marketing as well as for broadening product offerings of its EXIM platform, a statement said.
This will also allow it to prepare itself for the series-A round by early next year for an organic geographical expansion beyond Indian market, it added.
In a regulatory filing, Info Edge (India) said it has agreed to acquire 2,005, or 0.01 per cent, Series A1 compulsorily convertible preference shares having a face value of Rs 10 each.
"The aggregate shareholding of the company, post this investment, in the said entity would be 10 per cent on a fully converted and diluted basis," the filing added.
Info Edge (India) has invested in a number of companies including Zomato, Applect (meritnation.com), Etechaces Marketing and Consulting (Policybazaar), Kinobeo Software (mydala) and Happily Unmarried among others.
Founded in June 2015, Shipsy was founded with the vision to digitise the logistics ecosystem. The enterprise initially provided solutions for both courier agencies and shippers. Later, it diversified and expanded its services to the broader logistics ecosystem.The company was co-founded by Soham Chokshi and Dhruv Agarwal, and were later joined by Himanshu Gupta and Sahil Arora. In 2018-19, Shipsy had a turnover of Rs 5.6 crore. SR SHW SHW