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Shipsy, a SaaS-based logistics management platform provider, has raised $25 million in a Series B round.
The funding was co-led by A91 Partners and Z3 Partners, along with existing investors Info Edge and Sequoia Capital India's Surge.
The company plans to use the funding to continue growing its stronghold in the Middle East, India and Southeast Asian markets, while accelerating global expansion into new markets, such as Europe and US.
The freight and logistics market in the UAE, valued at $19 billion in 2020, is expected to reach $31 billion in 2026.
To kick start its Middle East expansion, the company launched its UAE operations in June 2021.
This round comes on the back of Shipsy having raised a Series A funding of $6 million in 2020, led by Sequoia Capital India's Surge and Info Edge.
To support a growing customer base in the Middle East, Shipsy set up regional headquarters in Dubai in 2021 and, more recently, in Indonesia for its Southeast Asian customers.
(Writing by Brinda Darasha; editing by Cleofe Maceda)
