Logistics startup Shipsy announces first ESOP buyback

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Logistics startup Shipsy announces first ESOP buyback
Logistics startup Shipsy announces first ESOP buyback

The company said the buyback is open to all existing, full-time employees of Shipsy who have completed at least one year of full-time employment

Shipsy, a SaaS-based smart logistics management provider, has announced its first ESOP buyback. The buyback is open to all existing and full-time employees of Shipsy who have completed at least one year of full-time employment, said a statement released by the company.

The company added that in a span of less than seven years, Shipsy’s people strength has crossed more than 350. The SaaS platform claims to have recorded a recurring revenue growth of over 100% and grew its customer base by 75% last year.

Soham Chokshi, CEO and Co-founder of Shipsy, stated:

“We have seen tremendous growth in the last few years. Our success is a combined effort of each of us at Shipsy, and celebrating it together is a part of our cultural DNA. We extended the buyback option to make these victories sweeter for our employees and their families who have been consistent partners in our success. It is just one way of expressing our gratitude for the value they bring to the company.”

Besides India, the company has headquarters and a strong presence in the Middle East and Southeast Asia and it soon plans to set up offices in the Americas and Europe.

Early this year, Shipsy raised $25 million from A91 Partners and Z3 Partners, along with existing investors Info Edge and Sequoia Capital India’s Surge, taking its overall funding close to 33 million, as per reported by YourStory.

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