A91, Z3Partners lead Series B for India's Shipsy
A91 Partners and Z3 Partners have led a USD 25m Series B round for India-based Shipsy, an artificial intelligence (AI) platform that helps companies automate logistics.
Sequoia Capital India and Info Edge India, which provided a USD 6m Series A in 2020, also participated. Sequoia India invested in both rounds via its Surge accelerator program, which closed its second seed fund last year at USD 195m.
Shipsy employs a software-as-a-service (SaaS) model to help more than 160 companies improve agility, sustainability, and customer transparency in their supply chain operations. Resources include about 220 staff and a network of 15,000 shippers, 300 freight forwarders, 45 major shipping lines, and 50 third-party logistics companies.
The company describes the service as end-to-end, encompassing first, middle, and last-mile logistics. It claims to reduce operating costs, lower carbon footprint, boost delivery productivity, and allow for seamless cross-border freight movement by improving operational visibility and leveraging real-time analytics.
The platform has facilitated the transport of more than 2m parcels to date, and Shipsy estimates that its addressable market has quadrupled since the onset of the pandemic. The company recently set up Middle Eastern headquarters in Dubai and branched into Indonesia to cover Southeast Asia.
In the past year, annual recurring revenue is said to have grown 2.5x while the customer base has expanded by 75%. Clients include Burger King, Tata Motors, Tata Steel, UPS, Goodyear, JSW Steel, and Udaan, a supply chain marketplace that has raised USD 1.1bn in private equity.
The fresh capital will be used to continue expansion efforts in the Middle East and Southeast Asia while pushing into Europe and the US, according to a statement. There will also be a focus on technology development with a focus on enhancing sustainability outcomes through AI and blockchain.
A91, which focuses on early to mid-stage investments, closed its second India fund at $550 million in November. Z3, which focuses on early-stage deals, launched its debut fund last year with a target of USD 100m and about USD 13.6m in initial commitments.
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