Shippr raises $500,000 from i2india Pvt Ltd.15 Jun 2015
Founded by Rohit Fernandes and Phaneendra Hegde in May 2014, Shippr launched its operations in September last year and it became part of the i2india’s Venture Factory this January.Operating in Bangalore and Chennai, Shippr, which serves both the consumer segment and businesses, claims 200 per cent month on month rise in revenue with an increase in local goods movement induced by e-commerce firms Flipkart, Snapdeal, Quikr, OLX, Urban Ladder, Pepperfry, etc. The company officials claims it does more than 3,000 transactions a month.
It plans to enter the top nine metros within a year as the tech-enabled intra-city logistics business becomes crowded with at least half a dozen startups including The Porter, TruckSumo, Blowhorn and LetsTransport, among others. Blowhorn raised an undisclosed seed fund from Unitus Seed Fund and others last November while Resfeber Labs Pvt Ltd, which runs The Porter, raised Rs 3 crore (just under $500,000) from Kae Capital in April. Roppen Transportation Services Pvt Ltd that owns and operates theKarrier raised Rs 1.5 crore ($240,000) in seed round from Sol Primero, OutBox Ventures and Nikunj Jain, founder of Frankly.me, in March.
The fledgling online logistics aggregation space has seen merger and acquisition too as Diptab Ventures Pvt Ltd, the parent of LetsTransport acquired competitor Shifter last week.Rohit Fernandes, co-founder, Shippr.in, told VCCircle that the company expects gross revenue to exceed Rs 100 crore in 15-18 months.
The company is planning a Series A round to raise in excess of $5 million within a few months and i2india will most likely participate in that round too. “We are looking at a good Series A round but have not finalised the amount yet,” Fernandes said.
“i2india will invest up to $1 million in Shippr depending on the company achieving certain milestones,” Anup Viswanathan, venture principal, i2india who serves on the board of Shippr.in, said. i2india was founded by IIT Kanpur and Wharton graduate Deepam Mishra six years ago with $10 million initial capital from a host of investors, including Imperial Innovations, a subsidiary of UK’s Imperial College for technology transfer, commercialisation and investment, UK-based entrepreneurs Chris Mathias and Tom Singh, former Ranbaxy CEO DS Brar and US-based Harbour Ventures, besides Tata Sons.