AI-powered Indian logistics platform Shyplite raises $1m from N+1 Capital

Photo: Reuters

Shyplite, an AI-powered logistics platform based in the national capital, has raised $1 million from N+1 Capital.

The company was bootstrapped in 2015, with investment from its founding members Nisschal Jain (Managing Partner), Sugam Jain (CEO) and Parinay Itkan (COO), and launched exactly five years ago on 9th June, 2016.

Shyplite helps businesses automate their logistics and increase shipping efficiency by providing a single-window platform integrated with multiple carriers.

The company said it will utilise the funds to support its expansion plans to enter the new segments like fulfilment centres and hyperlocal deliveries to become an end-to-end logistics player and add more experts on board.

As part of the expansion, Shyplite claims to have committed nine fulfilment centres across India in cities including Delhi, Mumbai, and Bengaluru. It is also bringing last-mile logistics players like Dunzo, Wefast, and Shadowfax and others on its platform to help businesses with last-mile and same-day delivery service.

The logistics player, which has been consistently profitable since 2017, is trusted by 90,000+ sellers and is on track to surpass 1 million shipments per month. Currently, operating as a team of 160+, the startup plans to hire 140 people over the next one next year to support its expansion drive.

Shyplite provides more than 30 courier services, multiple marketplaces & carts integrations, shipping to above 26,000 serviceable pin codes pan India and 220 countries globally.

The article was first published on livemint.com.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.