Logistics Startup Shipnext Solutions Raises Rs 4.5 Crore In New Funding Round
01/13/22, 10:43 AM
Location
chennaiMoney raised
₹45 million
Industry
software
Round Type
seed
Chennai: End-to-end online logistics platform in the long haul segment, ShipNext Solutions, has raised Rs 4.5 crore in its pre-Series A funding round led by Kerala-based Group Meeran, a family investment office that manages the private investments of the Meeran family - the promoters of the Eastern Group of Companies.
Company Info
Location
chennai, tamil nadu, india
Additional Info
ShipNext’s founder and CEO Clive Jose told ET on Thursday that the company will use the funds to expand its footprint in the Southern part of the country this year. Jose said the company turned profitable in 2021, after achieving growth of 795% since it launched operations in 2019. The company leverages a state-of-the-art ML and AI-based system to assist customers with predictive modeling too. Jose said the company clocked revenue of about Rs 750 lakhs in 2021 and is looking to double this amount and achieve revenue of Rs 1,400 lakhs this year. He went on to add that the company is also eyeing opportunities to raise more funds soon. It processes over 3500 annual orders on average and plans to increase that to 50,000 orders in the next two years, the company said in a statement.