Shipskart raises Rs 20.5 crore from Trail Mix Ventures, others

B2B supply chain start-up ShipsKart has raised USD 2.7 million (about Rs 20.5 crore) in series A round led by Trail Mix Ventures and Hermes Offshore, the company said on Wednesday.

Tradeworks.vc, Motion Ventures and Eternia Investments also participated in the funding round.

"80 per cent of the funds will be utilized for its India operations providing a big chance to the mid segment shipping companies and suppliers to empower and streamline their entire procurement life cycle with one stop solution," Shipskart said in a statement.

ShipsKart is a B2B online marketplace where vessels, vessel managers, ports, and shipyards can purchase marine products, consumables, equipment and service products required for the operations on board ships.

"Bringing existing analogue marketplaces online with ShipsKart will not only help increase savings and benefit the bottom line for companies but will make global supply chains more resilient," ShipsKart co-founder and CEO Dhruv Sawhney said.

ShipsKart claims to have a network of 500 partners across more than 40 countries.

Shipskart has fulfillment centres in Mumbai and Cochin, and plans to have more such centres in Gujarat, Visakhapatnam, Chennai and Kolkata in the next one year.

"ShipsKart plans to increase its sales by 100 per cent this year," the statement said.