Shipsy Reports Excellent Revenue and Customer Base Growth in 2022

February 01, 2023 | By Logistics Gulf News

The following coverage appeared on page 44, maiden edition of the Logistics Gulf News, February 2023 issue, Titled ” Thriving 20 Luminaries in Regional Logistics.”


Provide us with your professional background; When did you join your current company?

My career began as a Mentorship Manager at Avanti Fellows, a non-profit dedicated to providing affordable, high-quality education to disadvantaged students aspiring to attend India’s premier universities. From there, I went on to serve as Head of Sponsorship & Public Relations at Saarang, the annual social and cultural festival of my alma mater, the Indian Institute of Technology Madras. I also had the honor of acting as a campus ambassador for Teach For India at the same institution.

However, my career took a turn when I joined Deutsche Bank as an Analyst in 2013. There, I met Dhruv and Himanshu. We then co-founded Shipsy in 2015. Before establishing Shipsy, I founded Mappr, a platform aimed at improving travel.

What was the impact of the pandemic on your business, and how did you overcome this challenge?

The COVID-19 pandemic presented formidable challenges for logistics-powered businesses. However, our solutions were able to assist them in navigating these difficult times by facilitating contactless deliveries, reducing delivery costs, helping prioritize delivery of emergency items and ensuring vaccines reach remote locations. We provided customers with real-time visibility into the progress of their shipments through accurate ETA updates, live tracking links and body temperature of delivery executives.

Back home, we held the fort even stronger, remaining steadfast in our commitment to support and care for our fellow Shipsians and their families. We established a pandemic task force to address any and all needs that may arise. We announced remote working and during that tenure we increased our talent pool by 75% via a virtual hiring spree.

How did your organization perform in fiscal 2022, and what is your outlook for 2023?

Shipsy is clocking a growth rate of 2.5x Y-o-Y. We recorded recurring revenue growth of over 100% and grew our customer base by 75% last year. We also had our Series B funding round worth USD 25Mn. We recently had an extremely successful ESOP buyback. We plan to keep up with the momentum the next year, focusing on amplifying our technological capabilities and investing more in AI, ML, Blockchain, and other technologies and innovations. Diversifying our operational ambit by enabling easier access to trade financing options, payments processing, etc., to ensure greater value for all stakeholders, irrespective of size, and monetizing our capabilities innovatively, is also a plan down the line.



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