Shipsy, a SaaS-based logistics management platform, Wednesday announced that it has raised $25 million in its Series B funding round co-led by A91 Partners and Z3 Partners.
Info Edge and Sequoia Capital India’s Surge also participated in the financing.
The company plans to use the funding to continue growing its presence in the Middle East, India and Southeast Asian markets while accelerating global expansion into new markets such as Europe and US, it said in a statement.
In addition, Shipsy will also be using the funds to drive technological innovation with a focus on enhancing sustainability outcomes in the global logistics industry and their platform’s AI, machine learning and blockchain capabilities, the statement added.
Shipsy raised its Series A funding of $6 million in 2020 led by Sequoia Capital India’s Surge and Info Edge. In 2021, to support a growing customer base in the Middle East, Shipsy established its regional headquarters in Dubai and, more recently, in Indonesia for its Southeast Asian customers.
The company claims to have recorded a growth rate of 2.5x in its ARR and grew its customer base by 75% last year.
INDIA DEAL MONITOR
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