202025 Nov
Sequoia’s Surge and Info Edge invest $6 million in logistics platform Shipsy
Type
Funding Rounds
Companies
Source
Businessinsider
Summary

• Shipsy is a part of Sequoia’s fourth cohort of Surge, where startups have collectively raised over $45 million. Shipsy, a SaaS-based platform that helps shippers and logistics businesses digitize and automate their operations, has raised $6 million from Sequoia’s accelerator platform Surge and its existing investorShipsy 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.Shipsy 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.

Classifications
  • Transportation, Logistics & Inventory
  • Logistics
  • Neural Networks
  • AI & Machine learning
  • ERP