New Delhi-based cross-border logistics startup ShipGlobal raised $2.5 million in a seed funding round led by InfoEdge Ventures, a venture capital fund supported by InfoEdge and Temasek.
What is the purpose of fundraising?
The startup plans to use the raised capital to enhance its technological capabilities, expand its business operations, and increase its global footprint.
“We continue our path to become a preferred logistics partner for SMEs and look to leverage any strategic opportunities. 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 optimise our network. We intend to be the guiding light for Indian SME businesses in global trade,” said Aayush Anand, Co-founder and CEO of ShipGlobal.
What does ShipGlobal do?
Founded in 2022 by Aayush Anand, Angad Arora, and Vaibhav Kapur, ShipGlobal helps SMEs in India to go global by providing them with cost-effective and reliable logistics solutions.
The startup said it simplifies international shipping for SMEs in India, offering services such as customs clearance, tracking, and real-time rates.
What impact ShipGlobal is creating?
In just a year since its inception, ShipGlobal has established over 15 regional offices across India and delivered over half a million packages, amounting to a gross merchandise value of over Rs 3,000 crore, the startup said.
The Indian logistics industry, valued at $259.5 billion in 2022, is on a growth trajectory, with projections to reach $432.4 billion by 2028, according to an IMARC Group study. ShipGlobal’s funding and expansion come at a time when the global logistics market is also expected to grow significantly, reaching $16,794.7 billion by 2032.
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