Shyplite Raises $ 1 Million from N+1 Capital
The now fourth-party logistics service provider, Shyplite has levelled up after raising $ 1 million in a revenue-based growth capital from N+1 capital, is leveraging online sellers to their order fulfilment and even increasing sales. As an AI-powered logistics platform it automates enterprises' logistics by boosting their shipping efficiency through a single window platform incorporated with multiple carriers.
Until the year 2015, the AI logistics firm was bootstrapped with investments from its founding members Nisschal Jain, Co-founder and Managing Partner, Sugam Jain, Co-founder and CEO, and Parinay Itkan, Co-founder and COO and debuted the following year on June 6th.
The firm is said to utilize its funds to aid its expansion goals to enter new categories such as Fulfilment Centers and Hyperlocal deliveries to become an end-to-end logistics player and hire more professionals on the board.
During its expansion, it has gone into commitment with nine fulfilment centres across India, including Delhi, Mumbai, and Bengaluru, as part of the expansion. It's also bringing on board last-mile logistics firms like Dunzo, Wefast, and Shadowfax, among others, to assist businesses with last-mile and same-day delivery.
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
On the other hand, it offers more than 30 courier services, as well as interfaces with different marketplaces and carts, as well as shipment to 26000+ operable pin codes across India and 220 countries worldwide. The company is raising Series A money and has enlisted the help of Mumbai-based investment bank Candle Partners to help with the process.
“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”, said Ashish Singla, Capital Managing Partner, N+1.
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.
“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”, adds Nisshchal.
Plans to create Fulfilment Centers and integrate Hyperlocal service for its clients were announced. Shyplite will also make investments in technology-based ancillary firms, as it has in the past, and will continue to do so in the future.