Cross-border logistics company ShipGlobal announced securing $2.5 million in funding from Info Edge Ventures, an early-stage venture capital firm.
Founded in 2022, this marks ShipGlobal’s first instance of raising institutional capital, according to Aayush Anand, the co-founder and CEO. The company didn’t reveal the valuation associated with the funding.
ShipGlobal specializes in aiding small and medium-sized sellers in India, particularly those engaged in ecommerce on platforms such as Amazon, Ebay, and Etsy. Presently, the company collaborates with 15,000 sellers in India, facilitating the shipment of their products to the US, Canada, and the European Union.
ShipGlobal intends to utilize the raised funds to expand its operations to Australia and West Asia, according to Aayush Anand. Additionally, the company is planning to establish warehouses in specific destination countries, including the US.
The allocated funds will contribute to technological enhancements and the expansion of the seller base, extending beyond metropolitan areas and tier 1 cities. ShipGlobal, headquartered in Delhi, currently operates in over 15 regional offices.
In the fiscal year 2023, ShipGlobal generated revenue ranging between Rs 17 crore and Rs 20 crore. Aayush Anand mentioned that the company anticipates concluding the fiscal year 2024 with a topline exceeding Rs 120 crore. Anand also expressed the company’s aim to achieve a profit after tax by the end of FY24.
The growth in ecommerce-driven exports by Indian sellers is evident, with Amazon setting ambitious targets. Amazon aims to reach a cumulative $8 billion in exports from India by the conclusion of 2023, and it has reiterated its export target of $20 billion from India by 2025, as set over a year ago.
