Sequoia’s Surge and Info Edge invest $6 million in logistics platform Shipsy
Shipsyis a SaaS-based platform that helps shippers and logisticsbusinesses digitize and automate their operations.
- The five-year-old startup claims that it currently processes 10% of India’s trade, and is creating the largest global trade network.
- Shipsy is a part of Sequoia’s fourth cohort of Surge, where startups have collectively raised over $45 million.
Shipsy is one of the many logistics startups in India that has raised funding in the recent past as the coronavirus lockdown put more emphasis on supply chain management.
“The platform helps shippers reduce freight costs by automating and digitizing freight negotiations, reducing incidental charges, significantly improving shipping turnaround time and minimising working capital loss for shippers through advanced machine learning models. Owing to a substantial increase in the demand for our solution, it was important to leverage the momentum and look out for global investment partners in our next leg of our journey,” said Soham Chokshi, Co-founder and CEO of Shipsy.
Choksi added that with the new funds, the startup would continue to invest in geographical expansion as well as product innovation.
The five-year-old startup claims that it currently processes 10% of India’s trade and “is creating the largest global trade network by bringing all stakeholders of the International logistics ecosystem on a single platform.”
“Shipsy’s team has a customer-first approach and their software product solves for opacity in the logistics supply chain for enterprises using intuitive workflow automation. The product has seen great adoption from large Indian as well as overseas corporates with significant cost reduction for them. We are excited to continue backing the team as Shipsy is evolving into a global B2B product being built and scaled from India,” said Sanjeev Bikhchandani, Founder and Executive Vice Chairman of Info Edge in a statement.
AdvertisementShipsy is a part of Sequoia’s fourth cohort of Surge, where startups have collectively raised over $45 million from reputed angel investors like Naval Ravikanth, Kunal Shah, among others.
- Sonu Sood to launch blood bank app to connect donors with those in urgent need of blood
- India has the third highest number of women in senior management positions globally, according to Grant Thornton
- RIL, banks lift Sensex 1100 points higher, Nifty tops 15,200 mark
- Gujarat's annual budget for the next financial year has a surplus of ₹588 crore
- COVID-19 vaccine doses will available around the clock in India