Shyplite an AI-enabled logistics platform raises $1 million in revenue-based growth capital from N+1 Capital
Mumbai, June 9, 2021: Shyplite, an AI-powered logistics platform that enables businesses to automate their logistics and increase shipping efficiency by providing a single-window platform integrated with multiple carriers, has raised $ 1 Mn in revenue-based growth capital from N+1 capital. The company was bootstrapped with investments in the year 2015 from its founding members Nisschal Jain- Co-founder and Managing Partner, Sugam Jain- Co-founder and CEO and Parinay Itkan – Co-founder and COO & launched exactly five years ago on 9th June 2016. Shyplite will utilise the funds to support its expansion plans to enter the new segments like Fulfilment Centres and Hyperlocal deliveries to become an end-to-end logistics player and add more experts on board.
As part of the expansion, Shyplite has committed nine fulfilment centres across India in cities including Delhi, Mumbai, and Bengaluru. It is also bringing last-mile logistics players like Dunzo, Wefast and Shadowfax and others on its platform to help businesses with last-mile and same-day delivery service.
As one of the fastest-growing logistics players & consistently profitable since 2017, Shyplite is trusted by 90,000+ sellers and is on track to surpass 1 million shipments per month. Currently operating as a team of 160+, the startup plans to hire additional 140 people in the next 1 next year to support its expansion drive.
“We are in an exciting growth phase becoming one of the few startups offering the first mile to last-mile logistics solutions. We are delighted to welcome N+1 as our partner that understands our DNA and vision for the industry. Bootstrapped & Profitable, this fresh capital comes at the opportune time as we enter into the next phase of Shyplite’s journey and will enable us to spearhead our growth vision and meet the rising demands from businesses to help them further streamline logistics function and add more growth led offerings.” said, Nisschal Jain, Co-founder and Managing Partner, Shyplite
N+1 Capital Managing Partner Ashish Singla added, “Shyplite has redefined the automated logistics aggregator space with their unique pay per use model which makes them extremely customer friendly and a clear category leader. Being our largest investment till date, we at N+1 Capital are delighted to partner with the exemplary founding team of Shyplite and support their sustained growth trajectory.”
Shyplite provides 30+ courier services, multiple marketplaces & carts integrations, shipping to 26000+ serviceable pin codes PAN India and 220 countries globally. The Company is in the process of raising Series A capital and has appointed Mumbai based Investment Bank Candle Partners to facilitate the same.