Shipsy, has raised $25 million (Rs 186 crore) as a part of its Series B round co-led by A91 Partners and Z3 Partners.
The company’s existing backers Info Edge and Sequoia Capital India’s Surge also participated in the fundraise.
Shipsy primarily aims to leverage this new infusion to penetrate deep into local, Middle East and Southeast Asian markets, while accelerating global expansion into new markets such as the US and Europe.
“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,” said Soham Chokshi, CEO and Co-Founder at Shipsy.
Shipsy was set up in 2015 by Chokshi, Dhruv Agarwal, Himanshu Gupta and Sahil Arora. The company says its platform helps shippers and logistics firms to digitise and automate their operations.
The statup is currently based of India, Dubai and Indonesia and claims to be serving over 160 customers globally. It is said to be procuring over 100 million freight every month and optimizing the movement of more than 2 million parcels every day.
“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.
There has been a steady stream of investments in companies operating in the logistics-tech space in the past few years. Both investment firms and companies have made bets in this sector.
Early this month, Loadshare Networks Pvt. Ltd, which operates a technology platform for small and medium-sized enterprises in the logistics sector, has raised its Series C round of Rs 300 crore ($40 million) led by US-based hedge fund Tiger Global Management.
In July last year, BigFoot Retail Solutions Pvt Ltd, which operates ecommerce focused logistics-tech firm Shiprocket, had raised $41.3 million as part of its Series D1 funding round.
In June last year, LocoNav Inc had raised $37 million as part of its Series B funding round; and GoBolt raised $20 million (Ras part of its Series B funding round led by new investor Paragon Partners and existing investor Aavishkaar.
In May, FarEye had raised $100 million as part of its Series E funding round led by Silicon Valley-based venture capital firm TCV and San Francisco-based growth-oriented investment firm Dragoneer Investment Group.