The company said it will utilise the funds to support its expansion plans to enter the new segments like fulfilment centres and hyperlocal deliveries to become an end-to-end logistics player and add more experts on board
MUMBAI: Shyplite, an AI-powered logistics platform based in the national capital, has raised $1 million from N+1 Capital.
The company was bootstrapped in 2015, with investment from its founding members Nisschal Jain (Managing Partner), Sugam Jain (CEO) and Parinay Itkan (COO), and launched exactly five years ago on 9th June, 2016.
Shyplite helps businesses automate their logistics and increase shipping efficiency by providing a single-window platform integrated with multiple carriers.
The company said it will utilise the funds to support its expansion plans to enter the new segments like fulfilment centres and hyperlocal deliveries to become an end-to-end logistics player and add more experts on board.
As part of the expansion, Shyplite claims to have committed nine fulfilment centres across India in cities including Delhi, Mumbai, and Bengaluru. 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.
The logistics player, which has been consistently profitable since 2017, is trusted by 90,000+ sellers and is on track to surpass 1 million shipments per month. Currently, operating as a team of 160+, the startup plans to hire 140 people over the next one next year to support its expansion drive.
Shyplite provides more than 30 courier services, multiple marketplaces & carts integrations, shipping to above 26,000 serviceable pin codes pan India and 220 countries globally.