Shyplite team
Shyplite team

[Funding news] AI enabled startup Shyplite raises $1M from N+1 Capital

Logistics startup Shyplite will be using the funding raised in expansion plans of new markets and make deliveries in hyperlocal areas and add more experts in the team.

A Delhi based logistics startup Shylite which provides the businesses to automate their logistics and increases shipping efficiency integrated with multiple carriers, has raised $1 Million from N+1 Capital

The startup was founded exactly 5 years ago on 09th June 2016 by Nisschal Jain (Managing Partner), Sugam Jain (CEO) and Parinay Itkan (COO). Back then the company was bootstrapped.

Spylite founders

“Bootstrapped and profitable, this fresh capital comes at the opportune time as we enter into the next phase of Shyplite’s journey and will enable us to spearhead our growth vision and meet the rising demands from businesses to help them further streamline logistics function and add more growth led offerings,” said Nisschal Jain, Co-founder and Managing Partner, Shyplite.

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 startup has been profitable since 2017 and 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 an additional 140 people in the next one next year to support its expansion drive. 

N+1 Capital Managing Partner Ashish Singla added, 

“Shyplite has redefined the automated logistics aggregator space with their unique pay per use model which makes them extremely customer friendly and a clear category leader. 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.”

Shyplite provides 30+ courier services, multiple marketplaces and carts integrations, shipping to 26000+ serviceable pin codes pan-India and 220 countries globally.

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