ShipNext Solutions, an India-based online logistics platform, has raised USD 607K (INR 4.5 cr) in a pre-Series A funding round led by Kerala-based Group Meeran, a family investment office that manages the private investments of the Meeran family, on 13 January 2022.
[1 USD = 74.10 INR]
Investors: The latest funding round was led by Kerala-based Group Meeran. Group Meeran is an integrated business conglomerate founded by the great visionary (Late) ME Meeran in 1968 as the Eastern Trading Company. Headquartered in Kochi, Kerala Group Meeran evolved popular brands, empowering startups, actively contributing to the economy, and building a community.
The Objectives behind the funding: The company plans to deploy the proceeds towards technological advancements, data acquisition, expansion of its customer, partner base, and scaling up the business. In addition, the company plans to increase annual orders to 50,000 orders in the next two years.
Founded in 2015 by Clive Jose, Shipnext is an End-to-end online logistics platform in the long haul segment. The company offers machine learning-based AI apps that automate the entire booking process for customers and operations for the service provider, enabling seamless and transparent communication and service delivery for users. The startup has launched ‘WeTruck’ and ‘WeTruck Partner’, India’s first mobile app for long-haul logistics customers and service providers. These Machine Learning based AI applications automate the entire booking process for customers and operations for the service provider for seamless and transparent communication and service delivery.
The company turned profitable in 2021, after achieving growth of 795% since it launched operations in 2019. The company earned a revenue of about INR 750 lakhs in 2021 and is aiming to achieve INR 1,400 lakhs revenue this year.
The company has Abref, Reliance Instruments, Alpha Packing, Renaizands Industries, Eastea Chai, and Stockarea as its customers.
What the Founder has to say:
“We will be utilizing the funds majorly towards expansion in South India. As of now, we are in three different states – Kerala, Tamil Nadu and Karnataka but on a very aggressive level,” said Clive Jose, Founder and CEO of ShipNext. “So, this year, we will aggressively expand in Kerala, Tamil Nadu, Karnataka and Andhra Telangana as well. Also, since technology is the key factor, therefore, the majority of the funds will also go towards the development of the technology.”
What the Investor has to say:
“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,” Navas Meeran, Chairman, Group Meeran said in a statement.
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