ShipNext Raises INR 4.5 Crore In Pre-Series A
The funds will be utilized for technological advancements, data acquisition and expansion of its customer base
ShipNext Solutions, India's first end-to-end online logistics platform in the long haul segment, has raised INR 4.5 crore in its pre-series A round. Kerala-based Group Meeran, a family investment office that manages the private investments of the Meeran family, led the round. ShipNext has launched 'we truck' and 'we truck partner,' India's first mobile application for long-haul logistics customers and service providers.
"At ShipNext, technology is central to how we leverage data to balance demand and supply. In logistics, often, customers find it challenging to obtain the correct pricing for their shipment and have apprehensions regarding multiple touchpoints and lack of transparency. To alleviate these concerns, we have set up a business model and a machine learning-based app that will offer the highest level of transparency to our customers and fleet owners. To simplify and minimize the learning curve on our app, we have introduced a chat-based model similar to WhatsApp that most of our users are familiar with and can easily understand. This investment is an endorsement in ShipNext's platform as well as our vision to empower customers and partners with the only end-to-end paperless logistics app that ensures a completely online model of business," said Clive Jose, founder and CEO of ShipNext Solutions.
ShipNext will allocate the funds towards technological advancements, data acquisition, expansion of its customer, partner base and scaling up the business. Currently, ShipNext processes over 3,500 annual orders on average and plans to increase that to 50,000 orders in the next two years.
“We are excited about our investment and partnership with ShipNext. As per a recent report, the inter-city road logistics spend in India stood at $209 billion in 2021 and the road logistics market is expected to grow at 8 per cent CAGR making it a $330 billion market by 2025. We believe that there is potential to build more sustainable businesses in this highly competitive market. As a group, through our investments in early-stage startups, we aim to back companies that have the potential to bring about positive social and environmental change alongside sustainable financial returns. We trust that our investment will further accelerate ShipNext’s growth trajectory and we are excited and proud to partner with the team as they execute their vision of transforming the Indian logistics tech landscape,” said Navas Meeran, chairman of Group Meeran.
ShipNext counts Abref, Reliance Instruments, Alpha Packing, Renaizands Industries, Eastea Chai and Stockarea among its customers.