Leading SaaS-based smart logistics management firm Shipsy has announced the purchase of its first ESOP. All current Shipsy full-time staff members who have worked there for at least a year were eligible for the repurchase. Early-stage investors in Shipsy have already recognized the substantial value of the company’s secondary and buyback transactions over the course of the previous 1.5 years.
Shipsy is growing at a 2.5x YoY pace. Last year, it had a recurring revenue growth of over 100% and a 75% increase in its client base. The SaaS firm is quickly growing its staff base and bringing in top talent from across the world to boost its operations. The number of users using Shipsy has surpassed 350 in less than seven years. Additionally, Shipsy is collaborating with international system integrators, evangelists, and independent software vendors to guarantee that their technology is quickly adopted around the world.
“We have seen tremendous growth in the last few years. Our success is a combined effort of each of us at Shipsy, and celebrating it together is a part of our cultural DNA. We extended the buyback option to make these victories sweeter for our employees and their families, who have been consistent partners in our success. It is just one way of expressing our gratitude for the value they bring to the company,” says Soham Chokshi, CEO and Co-founder of Shipsy.
A91 Partners and Z3 Partners, together with current investors Info Edge and Sequoia Capital India’s Surge, contributed USD 25 million to the top SaaS-based smart logistics management company earlier this year, bringing its total capital to about USD 33 million.
The firm is headquartered and has a significant presence outside of India in the Middle East and Southeast Asia. It also wants to have offices in the Americas and Europe shortly. In order for Shipsy’s technology to be utilized by every parcel being delivered internationally or domestically, it aspires to become the de facto platform on a worldwide scale.
Lastly, Shipsy is the preferred technology partner for 220+ businesses worldwide, including a Fortune 100 giant, the world’s largest petrochemical manufacturer, the most-loved pizza chain, a leading quick commerce grocery provider, the biggest manufacturer and distributor of confectionery, a leading courier, express, and parcel delivery provider in Asia, and many other leading companies. It helps procure freight worth over USD 2 billion annually and optimises the movement of more than 70 million parcels every month via its platform.