Logistics platform Shyplite raises USD 1 mn from N+1 capital

The fresh funds will be utilised to support expansion plans, including entering into new segments like fulfilment centres and hyperlocal deliveries and add more experts on board, Shyplite said in a release. 

The company said it is in the process of raising Series A capital and has appointed Mumbai-based Investment Bank Candle Partners to facilitate the process. 

As part of the expansion, Shyplite has committed nine fulfilment centres across the country including in cities such as 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, it said. 

Launched in 2016, the company was bootstrapped with investments from its founding members in 2015. 

"We are in an exciting growth phase becoming one of the few startups offering the first mile to last-mile logistics solutions. We are delighted to welcome N+1 as our partner. Bootstrapped and profitable, this fresh capital comes at the opportune time as we enter into the next phase of our journey," said, Nisschal Jain, Co-founder and Managing Partner, Shyplite. 

The fresh funding will also help the company to spearhead its growth vision and meet the rising demands from businesses to help them further streamline logistics function and add more growth-led offerings, he said. 

Currently operating with a workforce of over 160 people, the startup plans to hire an additional 140 people in the next one year to support its expansion drive, the company said. 

"Being our largest investment till date, we at N+1 Capital are delighted to partner with the exemplary founding team of Shyplite and support their sustained growth trajectory," said N+1 Capital Managing Partner Ashish Singla. 

Shyplite provides over 30 courier services, multiple marketplaces and carts integrations, shipping to over 26,000 serviceable pin codes pan-India and 220 countries globally.