Llama Logisol Pvt Ltd, which operates software-as-a-service logistics platform Shipsy, has raised $6 million (about Rs 44.4 crore) in a Series A fundraising round.
The round in Gurugram-based Shipsy has been co-led by Surge, the accelerator programme of Sequoia Capital India, and Naukri.com parent Info Edge (India) Ltd, an existing investor in the company.
This fundraise comes exactly a year after Info Edge led a pre-Series A round in Shipsy. At the time, the logistics platform did not disclose the amount it had raised.
Shipsy was set up in 2015 by Soham 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 platform helps shippers to reduce freight costs by automating and digitising freight negotiations, reducing incidental charges, significantly improving shipping turnaround time and minimising working capital loss,” Chokshi said.
Shipsy will use the capital it has raised to accelerate growth as well as for geographical expansion. It will also invest in product development, Chokshi, who is also the startup’s chief executive officer, added.
“The product has seen great adoption from large Indian as well as overseas corporates with significant cost reduction for them,” Info Edge founder and executive vice-chairman Sanjeev Bikhchandani said.
The company says it has over 120 enterprises as clients, including large quick-service restaurant (QSR) chains and five of the top 10 exporters in the country. According to VCCEdge, the data research arm of Mosaic Digital, the company reported net sales of Rs 5.59 crore for the 2018-19 financial year.
Shipsy is among the several firms in the logistics-technology space that has received investor attention in the previous couple of years. Some of the larger VC-funded firms in this space include Rivigo, BlackBuck, and Delhivery.
