Chennai-based ShipNext Solutions, an end-to-end online logistics platform in the long haul segment, has raised ₹4.5 crore in its pre-series A round. Kerala-based Group Meeran led the round.
The company's early investors include Kerala State Industries Development Corporation, Eastern Treads, and Group Meeran, a press release said.
‘WeTruck’
The company’s machine learning-based AI app called 'WeTruck' and 'WeTruck Partner' automates the entire booking process for customers and operations for the service provider, ensuring seamless and transparent communication and service delivery. From order placement to proof-of-delivery verification, invoicing, generating lorry receipt and real-time payments, WeTruck app offers the complete online procedure in the long haul segment.
Clive Jose, Founder, and CEO, ShipNext Solutions, said that the company would allocate the funds raised towards technological advancements, data acquisition, expansion of its customer, partner base, and scaling up the business.
Currently, ShipNext processes over 3,500 annual orders on average and plans to increase that to 50,000 orders in the next two years. ShipNext counts Abref, Reliance Instruments, Alpha Packing, Renaizands Industries, Eastea Chai, and Stockarea among its customers.
Jose said the average transaction size is ₹30,000 of which the company gets around ₹700 per transaction from the truck operator.
ShipNext’s proof of concept was done from Chennai over the last one year. It currently operates its offices in Tamil Nadu, Karnataka, and Kerala., said Jose