eShipz Raises $700,000 Funding Round Led By IAN The startup will utilize the funds to enhance its tech capabilities and build stronger teams
By Prabhjeet Bhatla •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
eShipz—a Bengaluru-based software-as-a-service (SaaS)-based startup offering shipping automation to SMBs and large enterprises—recently received $700,000 in a funding round led by Indian Angel Network (IAN). The round saw participation from existing investor Axilor Ventures. The startup is incubated by Axilor, JioGenNext, SAP Startup Studio, and IIM-B NSRCEL.
eShipz plans to utilize the fresh funds to improve its tech capability and build stronger teams. A part of the funding will be dedicated towards its expansion, geographically, with its beta launch first and full-fledged launch by end of the year.
"There are hardly any players in the market offering full-stack shipment solutions, which can fit into requirements of small and medium businesses (SMBs) to large corporates. Through eShipz we are helping businesses in improving supply chain efficiency and reducing operational hassles and related costs. Coincidentally, the ongoing pandemic proved to be a boon as the remote application of eShipz enabled companies to operate the dispatches in a better way while enabling complete visibility of goods. This fundraise will enable us to enhance our tech capabilities and build stronger teams. The latest investment asserts investors' confidence in our growth potential," said Shashi Tripathi, co-founder, eShipz.
"Indian express courier industry processes more than 2.8 billion packages annually growing rapidly at a CAGR of 19 per cent y-o-y. Pandemic and online retail continue to accelerate the demand. Against this backdrop, the solutions of eShipz are well-placed to help lacs of large as well as small online businesses by saving them time and money. We believe eShipz will emerge as a leader in space. We wish the founders good luck in their future endeavors," commented Prashant Jain, lead investor, IAN.
The founding team including Shashi S Tripathi, Shivadeep Mahadi, and Ajaykumar R, comes with a combined logistics experience of over 25 years and more than 15 in product development. The trio identified gaps in the supply chain and logistics support for businesses. Realizing the need for shipping automation in the business-to-business (B2B) segment, they commercially launched eShipz in January 2020.
"eShipz is digitizing a traditional supply chain which has low technology adoption. SMB digitization is a core theme at Axilor and eShipz' growth and scale is a great example of the opportunities in this space," added Nandan Venkatachalam, deal lead, Axilor.
Currently, the startup is helping companies manage orders from multiple sources and via multiple courier companies using an integrated dashboard. Their solutions offer plug-and-play facilities for ERPs, Marketplaces, and 90+ courier services. Having its solutions deployed across India, the Bengaluru-based company caters to over 230 enterprises and over 2000 SMBs, who use eShipz application for their dispatch management.
