ShipGlobal Secures $2.5 million in funding from Info Edge Ventures
ShipGlobal, a cross-border logistics company established in 2022, has secured $2.5 million in funding from Info Edge Ventures, an early-stage venture capital firm. According to Aayush Anand, Co-Founder and CEO, this marks the company's inaugural institutional funding round. The specific valuation at which the funds were obtained remains undisclosed. ShipGlobal specializes in aiding small and medium-sized Indian sellers, with a primary emphasis on facilitating sales through ecommerce platforms such as .
The company presently collaborates with 15,000 Indian sellers, managing the shipping of their merchandise to the US, Canada, and the European Union. Aayush Anand mentioned plans to utilize the raised capital for expanding operations into Australia and West Asia. Additionally, they aim to establish warehouses in specific destination countries like the US while also improving their technological infrastructure. Furthermore, the funds will support the expansion of their seller base beyond major cities and metropolitan areas. ShipGlobal currently manages operations through more than 15 regional offices headquartered in Delhi.
According to Anand, ShipGlobal generated revenue ranging between Rs 17 crore and Rs 20 crore in FY23. They anticipate closing FY24 with revenue exceeding Rs 120 crore, aiming to achieve a profit after tax by the end of that fiscal year. Indian sellers’ exports driven by ecommerce platforms are experiencing growth. Amazon, for instance, aims to achieve a cumulative export value of $8 billion from India by the conclusion of 2023. The American online retailer recently reaffirmed its goal of reaching $20 billion in exports from India by 2025, a target set over a year ago.
The company presently collaborates with 15,000 Indian sellers, managing the shipping of their merchandise to the US, Canada, and the European Union. Aayush Anand mentioned plans to utilize the raised capital for expanding operations into Australia and West Asia. Additionally, they aim to establish warehouses in specific destination countries like the US while also improving their technological infrastructure. Furthermore, the funds will support the expansion of their seller base beyond major cities and metropolitan areas. ShipGlobal currently manages operations through more than 15 regional offices headquartered in Delhi.
According to Anand, ShipGlobal generated revenue ranging between Rs 17 crore and Rs 20 crore in FY23. They anticipate closing FY24 with revenue exceeding Rs 120 crore, aiming to achieve a profit after tax by the end of that fiscal year. Indian sellers’ exports driven by ecommerce platforms are experiencing growth. Amazon, for instance, aims to achieve a cumulative export value of $8 billion from India by the conclusion of 2023. The American online retailer recently reaffirmed its goal of reaching $20 billion in exports from India by 2025, a target set over a year ago.
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