Gurugram-based Llama Logisol which operates logistics focused software-as-a-service (SaaS) platform Shipsy, has raised $6 million (Rs 44.38 crore according to current exchange rates) in a Series A round led by Sequoia Capital India’s accelerator program, Surge.
Returning investor, Info Edge, also participated in the round.
Shipsy last raised $0.7 million from Info Edge as part of the ongoing Series A round in November 2019. The company had previously raised $1 million from courier service company, DTDC Express in 2016. The firm has also been selected for the fourth cohort of Sequoia’s Surge accelerator program.
Founded in 2015 by IIT alumni Soham Chokshi, Dhruv Agarwal, Himanshu Gupta and Sahil Arora, Shipsy works with 120 enterprises across 3PL (third party logistics), export, retail and QSR (quick service restaurant), according to a statement issued by the company.
The company helps enterprises manage their end to end logistics across multi-modal solutions and brings in transparency in dealings with onboarded vendors. The platform also offers a supply chain management solution bringing in exporters, importers, third party logistics players, shipping lines, banks, insurance companies among others on a single platform.
“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. The money raised will help fuel our growth and enable us to become a market leader, allowing us to continue our aggressive geographical expansion, besides investing in product innovation to keep us ahead of the curve,” Soham Chokshi, CEO at Shipsy said in the statement.
He added that the company was looking to partner with global investors for venturing into larger markets.
The company claims to have increased its customer base by two-fold during the lockdown period due to the Covid-19 pandemic, with a three-fold growth in revenues over the last year and half. For the financial year ending March 31, 2019, the company registered net sales of Rs 5.59 crore, over Rs 0.76 crore compared to the year-ago period, according to data sourced from VCCEdge.
“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,” said Sanjeev Bikhchandani, founder and executive vice chairman of Info Edge commenting on the follow-on fund raise.
In the logistics enabler space, tech-enabled logistics aggregator Shiprocket raised $13 million in a Series C round earlier this year. Freight forwarding company Freightwalla raised $4 million in a Series A round in December 2019.