Cross-border logistics firm ShipGlobal announced that it has raised $2.5 million in funding from early-stage venture capital firm Info Edge Ventures. ShipGlobal, which was founded in 2022, focuses on assisting small and medium-sized sellers in India who primarily sell through ecommerce platforms such as Amazon, Ebay, and Etsy. The company currently works with over 15,000 sellers in India and ships their products to the US, Canada, and the European Union. This funding round marks the first time that ShipGlobal has raised institutional capital.
Co-founder and CEO of ShipGlobal, Aayush Anand, stated that the funds will be allocated towards expanding the company’s operations to Australia and West Asia, as well as opening warehouses in certain destination countries such as the US. The funds will also be used to improve the company’s technology infrastructure and expand its base of sellers beyond the metros and tier 1 cities.
ShipGlobal has been experiencing significant growth in recent years, with revenue ranging between Rs 17 crore and Rs 20 crore in FY23. Anand expects the company to end FY24 with a topline of over Rs 120 crore, as well as a profit after tax. The company currently operates over 15 regional offices, with its headquarters in Delhi.
Ecommerce-driven exports by Indian sellers continue to expand, with Amazon aiming to achieve cumulative exports of $8 billion from India by the end of 2023. The American ecommerce giant has set a target of $20 billion in exports from India by 2025.
In addition to the funding news, ShipGlobal is also offering skill courses to help individuals elevate their tech prowess. These high-value skill courses are being offered in collaboration with renowned institutions such as IIM Lucknow, Indian School of Business, and IIT Delhi. The courses cover topics such as FinTech, Banking, Applied Risk Management, Product Management, Data Science, and Machine Learning.
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