by Cross-border logistics firm ShipGlobal raises $2.5 million in funding from Info Edge Ventures
Cross-border logistics firm ShipGlobal said it has raised $2.5 million in funding from early-stage venture capital firm Info Edge Ventures.
This is the first time the firm, which was founded in 2022, is raising institutional capital, said co-founder and chief executive Aayush Anand. ShipGlobal did not disclose the valuation at which the funds were raised.
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ShipGlobal helps small and medium-sized sellers in India primarily focusing on selling through ecommerce platforms Amazon, Ebay and Etsy. The firm currently works with 15,000 sellers in India and ships their products to the US, Canada, and the European Union.
The logistics company is looking to use the funds raised to expand operations to Australia and West Asia, Anand told ET in an interaction. It is also looking to open warehouses in certain destination countries such as the US.
The funds will also be used to improve its tech, as well as expand its base of sellers beyond the metros and tier 1 cities. The firm currently operates over 15 regional offices, with its headquarters in Delhi.
ShipGlobal made between Rs 17 crore and Rs 20 crore in revenue in FY23, and is expecting to end FY24 with a topline of over Rs 120 crore, Anand told ET. The company is also looking to end FY24 with a profit after tax, he added.
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Ecommerce-driven exports by Indian sellers continue to expand. Amazon, for instance, is looking to hit a cumulative $8 billion in exports from India by the end of 2023. The American etailer recently reiterated its export target of $20 billion from India by 2025, set over a year ago.
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