Shipsy has announced no new funding round since February 2022. Yet the Gurugram-based logistics software firm says its annual recurring revenue crossed $25 million by May 2026, and its most recently filed accounts show revenue of ₹103.3 crore ($10.8 million, at $1 ≈ ₹96.0) for the year to March 2025, up 36.8% on the year before — alongside a net loss of ₹40.4 crore for the same twelve months. A company that keeps growing fast, keeps losing money, and has stopped raising equity all at once is worth a closer look.
The firm that today counts Coca-Cola, Heineken, UPS and Reliance Retail among its enterprise customers across more than 30 countries began, in 2015, as a consumer app meant to help someone track a single lost parcel — an idea that nearly died within three months. What survived that pivot went on to attract backers such as A91 Partners, Info Edge and Sequoia Capital India’s Surge, and to build a business that today leans more heavily on the Gulf than on the India it was built in.
Quick facts
| Company | Shipsy (Shipsy E-commerce Private Limited) |
| Founded | 2015, Gurugram |
| Founder(s) | Soham Chokshi, Dhruv Agarwal, Himanshu Gupta and Sahil Arora |
| Businesses | AI-native transportation management (TMS), warehouse management (WMS), global trade/customs management, last-mile delivery and AI-agent software for enterprises, 3PLs and couriers |
| Latest FY revenue | ₹103.3 crore ($10.8 million) for FY25 (year ended March 2025) |
| Latest FY profit/loss | Net loss of ₹40.4 crore (FY25) |
| Listed | Private — no IPO plans reported |
| Market value / last valuation | Not publicly disclosed; roughly $32-33 million raised in total across its disclosed rounds |
| Key shareholders / CEO | Soham Chokshi (co-founder and CEO); backed by A91 Partners, Info Edge, Sequoia Capital India’s Surge, Z3Partners and DTDC |
What they do
Shipsy sells software that plans, executes, tracks and settles the movement of goods — it does not move goods itself. Enterprises, third-party logistics (3PL) operators and courier companies use its platform to run transportation management, warehouse operations, cross-border trade documentation and last-mile delivery from one dashboard, with newer AI agents handling tasks like customer updates, driver coordination and freight-invoice matching. Its customers span two very different groups: logistics and courier businesses that use Shipsy to run their own networks more efficiently (DTDC, Aramex, Safexpress), and large shippers — retailers, FMCG makers and manufacturers — that use it to manage freight moving through other people’s fleets (Reliance Retail, Coca-Cola, Heineken, Domino’s).
The origin
Soham Chokshi and Dhruv Agarwal knew each other from their IIT years and became closer while working together as analysts at Deutsche Bank in investment banking, before moving in as flatmates in Gurugram. Both were cycling enthusiasts, and the idea for Shipsy traces back to an ordinary courier booking: they shipped an expensive bicycle, worth roughly ₹15,000-20,000, to their new flat, and it went missing inside a courier company’s network for weeks with no way to track it. The frustration exposed a structural problem rather than a one-off mistake — a logistics company moving lakhs of parcels a day has no easy way to give any single customer visibility into where their one parcel actually is. Chokshi, Agarwal, Himanshu Gupta and Sahil Arora, all IIT alumni, founded Shipsy in Gurugram in early 2015 to fix that visibility gap, initially building a consumer-facing parcel-tracking analytics dashboard.
The struggle years
The first version of Shipsy did not survive contact with the market. Within about three months of launching in 2015, the founders realised their consumer tracking dashboard was chasing a dead end: the hyperlocal delivery boom it was riding on was collapsing, and actually fixing first-, middle- and last-mile delivery capacity would require the kind of fleet and manpower investment that only entrenched players like DTDC could make. Rather than compete on capacity they did not have, the founders killed the consumer product and rebuilt Shipsy from scratch as a backend analytics and efficiency layer for the logistics companies themselves — auditing rider performance, hub throughput and operational bottlenecks instead of just showing a dot on a map.
The rebuild did not immediately unlock investor enthusiasm. After DTDC’s roughly $1 million cheque in early 2016, Shipsy’s next disclosed funding event was an undisclosed seed round in November 2019 — a gap of more than three and a half years in which the company is not recorded as having closed any further institutional capital, even as it tried to build out an enterprise SaaS product and prove a repeatable sales motion in a market that had not yet warmed to logistics software.
The turning point
The turning point was DTDC’s decision, in early 2016, to write Shipsy’s first real enterprise cheque. Before that deal, Shipsy was a small, freshly repositioned team with an unproven analytics product and no institutional customer to point to. DTDC — one of India’s largest courier and express networks — put in roughly $1 million for a reported 20% stake, becoming both Shipsy’s first paying enterprise anchor and its earliest institutional backer. The validation mattered as much as the cash: with a large courier network’s data flowing through its systems, Shipsy could show real operational impact rather than a pitch deck, and the company has said it saw 45% month-on-month growth in consignments processed on its platform in the period that followed. A tracking idea that had folded within three months turned, inside a year, into a platform processing a fast-growing share of one of India’s largest courier networks’ volumes.
The money behind it
Shipsy’s disclosed funding history is compact for a ten-year-old company, and shaped less by mega-rounds than by a small number of investors who kept re-upping:
- September 2015: undisclosed angel round, shortly after founding.
- Early 2016 (reported April 2016): roughly $1 million from courier major DTDC, for a reported 20% equity stake — Shipsy’s first enterprise-investor validation.
- November 2019: a seed round of undisclosed size.
- November 2020: $6 million Series A, led by Sequoia Capital India’s Surge with existing investor Info Edge participating — capital the company said was used for geographic expansion and product investment as pandemic-era demand for supply-chain visibility rose.
- February 2022: $25 million Series B, co-led by A91 Partners and Z3Partners, with Info Edge and Sequoia Surge returning — earmarked for deepening Shipsy’s presence in the Middle East, India and Southeast Asia while pushing into Europe and the US.
Total disclosed funding sits at roughly $32-33 million: Inc42’s funding tracker counts about $32 million across four priced/announced rounds, while Tracxn’s count, which includes smaller undisclosed tranches, puts it at $32.9 million across six rounds. Shipsy has not announced a new funding round since the February 2022 Series B, and its valuation has not been made public — Tracxn’s own profile lists the figure as withheld as of a September 2024 snapshot.
How it makes money
Shipsy runs a fairly conventional enterprise SaaS model layered on top of a usage component, rather than taking a cut of freight value the way a logistics marketplace does:
- Revenue comes from recurring platform-licensing fees plus a usage-based charge per consignment, shipment or active rider processed through the system — a hybrid subscription-and-usage structure the company has described since its early enterprise pivot.
- Average new contract value has grown roughly 4x, from about $71,000 to about $300,000, as the company has moved upmarket toward larger global enterprises — a company-stated figure tied to its ARR milestone announcement in May 2026.
- Enterprise net revenue retention stood at 158% as of that same announcement, meaning existing customers were expanding their spend well beyond renewal value, not just renewing.
- Costs sit heavily in engineering and R&D: co-founder Soham Chokshi has said a SaaS company needs sustained R&D investment ahead of profitability, and FY25 EBITDA came in at roughly -₹39.3 crore against ₹103.3 crore of revenue, a margin of about -38%.
The part people tend to get wrong: because Shipsy’s dashboards show freight moving, invoices being raised and parcels being delivered, it is easy to assume the company earns a share of that freight value, the way a logistics aggregator or marketplace would. It does not own trucks, warehouses or riders, and it does not book the value of the goods or freight passing through its customers’ operations as its own revenue — its income is the software fee sitting on top, which is also why its revenue base, in the low hundreds of crores, looks small next to the scale of shipments it says it touches.
The numbers
Verifiable, filing-based figures are only available for the two most recent years; earlier fiscal years were not found in a form consistent enough across sources to cite with confidence, so they are left out rather than estimated.
| Metric (₹ crore) | FY24 | FY25 |
| Revenue | 75.5 | 103.3 |
| YoY revenue growth | — | 36.8% |
| Net profit / (loss) | Not disclosed in sources reviewed | (40.4) |
| EBITDA | Not disclosed in sources reviewed | (39.3) |
Separately, and on a different basis, Shipsy said in May 2026 that its annual recurring revenue had crossed $25 million — a forward-looking, company-reported run-rate metric, not the audited-style FY25 revenue figure above, and the two should not be read as the same number measured twice.
Where the money comes from
Shipsy frames itself as an India-born company serving a global logistics market, and its geography split backs that up more than most India-founded SaaS firms:
- The Gulf region alone contributed 35% of Shipsy’s overall revenue, as the company disclosed in April 2023 alongside plans for a second Middle East regional headquarters.
- Core operating markets are India, the Middle East (UAE, Saudi Arabia) and Southeast Asia (including Indonesia), where the company built out its earliest international operations after its Series A.
- Newer expansion markets include Europe, the UK, the US and Australia, where Shipsy opened a Sydney regional headquarters in June 2025 to serve demand tied to labour costs and driver shortages.
- By customer type, its base splits between logistics and courier operators (DTDC, Aramex, Safexpress, Darcl, Zajil Express) and large enterprise shippers across retail, FMCG and manufacturing (Reliance Retail, Coca-Cola, Heineken, Kellogg’s, Domino’s, Burger King, Landmark Group’s Home Centre, Decathlon).
- The company says its roughly 250-plus enterprise customers across 30-plus countries include nine Fortune 500 companies, as stated in its 2026 Gartner Magic Quadrant recognition announcement.
The surprise, for a company built to fix an Indian courier’s parcel-visibility problem, is that India is no longer the single dominant market by revenue: more than a third of the business now runs through the Gulf, a region the founders had no specific plan to enter when they started out in 2015.
The risks
- A funding drought meeting persistent losses: Shipsy posted an EBITDA loss of roughly ₹39.3 crore on ₹103.3 crore of FY25 revenue — a margin near -38% — and has not closed a new primary funding round since February 2022. If revenue growth and net revenue retention do not translate into a materially lower burn rate, the company may eventually need fresh capital in a slower funding environment for enterprise SaaS than the one it last raised in.
- A crowded, better-networked competitive set: rival platform FarEye advertises more than 1,500 carrier integrations against Shipsy’s roughly 64 shipping lines and 300 freight forwarders, according to a third-party competitor comparison published in 2026 — meaning Shipsy competes on depth for 3PLs and couriers rather than on the breadth of its out-of-the-box carrier network, while Locus and LogiNext chase overlapping last-mile and route-optimisation budgets.
- Concentration in a single volatile region: with roughly 35% of revenue tied to the Gulf as of 2023, any slowdown in Middle Eastern trade volumes, a shift in regional logistics investment, or currency and regulatory changes there would land disproportionately on Shipsy’s topline compared with a more geographically even revenue base.
The takeaway
The transferable lesson in Shipsy’s climb from a lost-bicycle complaint to enterprise software running parts of Coca-Cola’s and Reliance Retail’s logistics is not about chasing a big vision from day one. It is about how quickly the founders let go of an idea they had already built and launched — a consumer parcel-tracking dashboard — the moment the market told them the real, sellable problem sat one layer upstream, with the shipper and the courier company, not with the person waiting for a parcel. Killing a live product within three months of launch is uncomfortable in a way that killing a slide deck never is; Shipsy’s history suggests that discomfort is often the actual price of finding the business that works.
Frequently asked questions
What does Shipsy do?
Shipsy sells logistics-orchestration software — transportation management, warehouse management, global trade documentation and last-mile delivery tools, plus AI agents — that enterprises, 3PLs and courier companies use to plan, run and settle shipments across their own or partner fleets.
Who founded Shipsy, and when?
Soham Chokshi, Dhruv Agarwal, Himanshu Gupta and Sahil Arora founded Shipsy in Gurugram in early 2015, after an early idea for a consumer parcel-tracking app was scrapped within about three months.
How much funding has Shipsy raised, and who backs it?
Shipsy has raised roughly $32-33 million in disclosed funding across rounds from 2015 to 2022, backed by DTDC, Sequoia Capital India’s Surge, Info Edge, A91 Partners and Z3Partners, among others. It has not announced a new round since February 2022, and its valuation has not been made public.
Is Shipsy profitable?
No. For the year ended March 2025 (FY25), Shipsy reported revenue of ₹103.3 crore, up 36.8% year-on-year, alongside a net loss of ₹40.4 crore and a negative EBITDA of roughly ₹39.3 crore.
Where does Shipsy make most of its money?
Through recurring SaaS licensing fees plus usage-based charges per shipment or consignment, sold mainly to logistics and courier operators and to large enterprise shippers. Geographically, the Gulf region alone has accounted for about 35% of overall revenue, ahead of India, its founding market, by that measure.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Inc42, “Shipsy Funding 2026 – Total Funding, Rounds & Investors”, accessed September 2026
- Inc42, “Shipsy Financials 2026 – Revenue, P&L & Cash Flow”, accessed September 2026
- Inc42, “How Analytics Platform Shipsy Is Aiming To Solve Service And Operational Supply Chain Inefficiencies In Tier II Cities” (Shipsy growth story), accessed September 2026
- Inc42, “Exclusive: Logistics Startup Shipsy Raises $24-25 Mn From A91 Partners, Z3Partners”, February 2022
- Entrackr, “Shipsy raises $25 Mn in Series B”, February 2022
- YourStory, “[Funding alert] Shipsy raises $6M from Surge, Info Edge”, November 2020
- YourStory, “Logistics focused AI startup Shipsy crosses $25 million ARR”, May 2026
- PR Newswire, “Shipsy Records Around 100% Top Line Growth, Opens Another RHQ in Middle East To Onboard Top Regional Talent”, April 2023
- PR Newswire, “Shipsy Named a Niche Player in the 2026 Gartner Magic Quadrant and recognized in Critical Capabilities for Transportation Management Systems”, April 2026
- PR Newswire, “Shipsy Launches AgentFleet, an AI Workforce for Logistics Operations”, March 2026
- PR Newswire (UK), “Shipsy sets sight at global expansion by deepening its Middle Eastern Presence, targets 3X client amplification”, 2022
- Tracxn, “Shipsy – 2026 Company Profile, Team, Funding, Competitors & Financials”, accessed September 2026
- FarEye, “10 Best Shipsy Alternatives And Competitors In 2026”, accessed September 2026
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