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Shipsy raises Rs 44 cr in funding from Surge, Info Edge

Shipsy

IT start-up Shipsy has raised Rs 44.3 crore in a funding round, co-led by Sequoia Capital India’s Surge, and existing investor, Info Edge.

Shipsy is a SaaS (software as a service) based firm that helps shippers and logistics companies to digitise and automate their operations.

The platform helps shippers reduce freight costs by automating and digitising freight negotiations, reducing incidental charges, significantly improving shipping turnaround time. This helps minimise 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,” Shipsy co-founder and CEO Soham Chokshi said.

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The money raised in the Series A funding round will help fuel growth and enable to continue aggressive geographical expansion, besides investing in product innovation, Chokshi added.

Shipsy was co-founded in June 2015, by Soham Chokshi, Dhruv Agarwal, Himanshu Gupta, and Sahil Arora.

It has raised about Rs 10 crore till date and has customers across Dubai, Saudi Arabia, North Africa, Singapore and Malaysia.

“While we have run our venture profitably, it was critical for us to partner with like-minded global investors in our journey as we venture into larger markets,” Chokshi added.

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