The acquisition will enable Shipsy to expand its product portfolio, optimise its operations and bolster warehousing capabilities
The development comes more than a year after Shipsy raised a funding of $23.89 Mn from names such as A91 Partners, Sequoia’s Surge, and Info Edge in February last year
Founded in 2015, Shipsy offers a full-stack platform for enterprises to manage end-to-end logistics requirements, and claims to have more than 220 enterprise clients under its belt
SaaS logistics platform Shipsy has acquired inventory management platform Stockone for an undisclosed amount.
In a statement, Shipsy said the deal will enable it to expand its product portfolio and leverage synergies with Stockone to scale up its end-to-end logistics platform. The acquisition will also enable Shipsy to optimise its operations and bolster warehousing capabilities.
In addition, the extended product suite will offer a ‘holistic logistics management experience’ for its enterprise customers from transportation to fulfilment.
“… The move further aligns with our long-term vision to provide scalable, efficient, and automated end-to-end logistics management solutions to our customers, covering warehousing, order fulfillment, and operational management,” said Shipsy cofounder and chief executive officer (CEO) Soham Chokshi.
Chokshi added that the introduction of a new warehouse management system (WMS) and inventory management capabilities will enable the startup to undertake a strategic expansion of its existing product suite.
Founded in 2015 by IIT alumni Chokshi, Dhruv Agarwal, Himanshu Gupta, and Sahil Arora, Shipsy offers a full-stack SaaS platform for enterprises to manage end-to-end logistics requirements.
The startup offers AI-powered solutions to help businesses optimise costs, enhance consumer experiences and automate operations. Shipsy claims to have more than 220 enterprise clients under its belt, handle 15 Cr monthly shipments, and track more than 6.54 Lakh containers a month.
The Gurugram-based startup last raised $23.89 Mn in a funding round led by A91 Partners last year. Overall, the startup has raised nearly $33 Mn till date.
It counts enterprises and startups such as Udaan, Biriyani By Kilo, Tata Steel, Vedanta, and JSW Steel among its customers.
Shipsy competes with the likes of Shiprocket, Kale, Pickr, Shipyaari, and Pidge.
The growing ecommerce penetration and a surge in the logistics space have resulted in the emergence of logistics SaaS platforms that offer end-to-end solutions that help companies maintain efficiency while scaling up operations and processing truckloads.
As a result, more and more enterprises are looking for such products, which has spawned the rise of many startups in the space. This has also captured investors’ attention. As per Inc42 data, homegrown logistics SaaS startups secured $765 Mn between 2014 and February 2023.
Just this month, automaker Tata Motors signed an agreement to acquire 26.79% stake in logistics SaaS platform Freight Tiger for INR 150 Cr at a valuation of around INR 560 Cr. In September, Mumbai-based Kale Logistics bagged $30 Mn in a Series B funding round led by private equity (PE) firm Creaegis Advisors.