Cross-border logistics startup ShipGlobal has raised $2.5 Mn in a seed funding round from InfoEdge Ventures.
The New Delhi-based firm will use the fresh capital to scale up its technology capabilities as well as expanding its business operations and global footprint.
Founded in 2022 by Aayush Anand, Angad Arora and Vaibhav Kapur, ShipGlobal offers cost-effective global logistics solutions to Indian small and medium-sized enterprises (SMEs). It claims to be simplifying the process of global logistics through services such as customs clearance, tracking, and real-time rates.
“The funding is an indicator of the company’s strong unit economics and the validation of our business model. With this round, we are aiming to elevate our technology, streamline operations, expand export routes and optimize our network. We intend to be the guiding light for Indian SME businesses in global trade,” said ShipGlobal’s cofounder and chief executive Anand.
ShipGlobal claims to have already delivered over half a million packages having a gross merchandise value of over INR 3,000 Cr. Further, the startup aims to leverage its team of experts, cost-effective strategies, and robust technology to position itself as a reliable global logistics partner for Indian SMEs.
The Indian logistics industry which reached $259.5 Bn in 2022 seems to be a lucrative one for many businesses. According to an IMARC Group study, the market size is poised to reach $432.4 Bn by 2028.
Recently, foodtech major Zomato forayed into the logistics segment to offer a quick parcel delivery service for merchants with a new app, Xtreme.
Also, ShipGlobal’s competitor Xpressbees secured $80 Mn from Teachers’ Venture Growth (TVG) to help drive further growth for the Xpressbees platform.
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