Mumbai: Shyplite, an AI-powered logistics platform has raised $1 million in revenue-based finance from N+1 capital. It will utilise the funds to support its expansion plans to enter the new segments like fulfilment centres and hyperlocal deliveries.
The startup aims 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 Indian cities including Delhi, Mumbai and Bangalore. 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.
Started as a bootstrapped startup in 2015, Shyplite claims to be consistently profitable since 2017. And has over 90,000 sellers and is on track to surpass 1 million shipments a month. Currently operating with a team of 160 plus, the startup plans to hire additional 140 people in the next 1 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,” said Nisschal Jain, Co-Founder and Managing Partner, Shyplite
“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,” added Jain.
N+1 Capital Managing Partner Ashish Singla said that 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,” added Singla.
Shyplite provides 30+ courier services, multiple marketplaces and carts integrations, shipping to 26000+ serviceable pin codes pan India and 220 countries globally. The startup is in the process of raising Series A capital and has appointed Mumbai based investment bank Candle Partners to facilitate the same.