Logistics firm DTDC Express has acquired 20 per cent stake in startup Shipsy for $1 million while food tech firm Petoo has raised around $1 million from VC firm Axilor.
DTDC Express picks up 20% stake in Shipsy for over $1m
Last year, Shipsy, has raised an undisclosed amount from a group of angel investors led by Dheeraj Jain, partner at Redcliffe Capital, a UK-based hedge fund.
Shipsy plans to use the investment from DTDC to strengthen the core technology infrastructure and build on the solutions being offered, the company said, in a statement. “The association with DTDC would also ensure stability in revenues, with the company hoping to achieve breakeven within the next financial year,” it added.
The partnership will also give a strong entry point for Shipsy to partner with other leading companies in the supply chain spectrum.
Axilor Ventures invests $1m in food-tech startup Petoo
Petoo plans to utilise this latest round of funding to develop backend operations, speed up food research and strengthen team structure.
Axilor Ventures is founded by former Infosys executives S D Sibulal and Kris Gopalakrishnan.
The company, which started operations last year, now serves Indian dishes in around 20 locations in Bengaluru. It earned about Rs 45 lakh ($67,500) per month.