Shipsy, a SaaS-based logistics management platform provider, has raised USD 25 million in a Series B round co-led by A91 Partners and Z3 Partners along with existing investors Info Edge and Sequoia Capital. The company plans to use the funding to continue growing its stronghold in the Middle East, India, and Southeast Asian markets while accelerating expansion into new markets such as Europe and US.
To kick start its Middle East expansion, the company launched its operations in the United Arab Emirates (UAE) in June 2021, considering the country a major hub for exports, imports, and re-exports. The funding also comes in the wake of a performing freight and logistics market in UAE valued at US$19 billion in 2020, which is expected to reach US$31 billion in 2026 at a CAGR of over 8% fueled by the country’s highly competitive and effective logistics infrastructure.
Soham Chokshi, CEO and Co-Founder of Shipsy, commented, “It takes us closer to our goal of becoming the de-facto logistics operating system globally, such that every shipment being delivered, whether to a consumer or to a business, whether domestically or internationally, is powered by Shipsy.”
Shipsy’s team is based out of India, Dubai, and Indonesia that handles the movement of more than two million parcels every day.