Home / Business and Economy / Quickshift Raises $2.4M to Expand AI-Driven Logistics Nationwide
Quickshift Raises $2.4M to Expand AI-Driven Logistics Nationwide
11 Nov
Summary
- Quickshift secures $2.4M in funding to strengthen AI platform
- Expanding operations to new cities like Hyderabad, Ahmedabad, Lucknow
- Achieved 100% annual growth, with core business up 50% in past year
In a significant development, Quickshift, a Pune-based logistics provider, has secured $2.4 million in funding to bolster its AI-driven supply chain and fulfillment services. The investment round was led by Atomic Capital, with participation from Axilor Ventures and other investors.
Quickshift, founded in 2018, has established itself as a leading player in the logistics space, catering to the needs of direct-to-consumer brands, e-commerce, and quick commerce businesses. The company's unique selling point lies in its leveraging of artificial intelligence (AI) to optimize its operations.
According to Anshul Goenka, the founder and CEO of Quickshift, the newly acquired funds will be deployed to strengthen the company's AI-powered fulfillment platform, bolster its leadership team, and expand its footprint to additional cities, including Hyderabad, Ahmedabad, and Lucknow. The platform currently operates in key hubs such as Mumbai, Delhi, Bengaluru, Kolkata, Chennai, and Pune.
Quickshift's growth trajectory has been impressive, with the company achieving a remarkable 100% annual run rate (ARR) growth over the past 12 months. Its core business has expanded by 50%, while its new services have scaled by over 100%. The company now handles over 10 lakh orders monthly for both direct-to-consumer brands and major marketplaces, including Amazon, Flipkart, Meesho, Blinkit, Zepto, Swiggy, Jiomart, and Bigbasket.
Apoorv Gautam, the founder and managing partner of Atomic Capital, expressed confidence in Quickshift's ability to capitalize on the burgeoning online consumer market in India, particularly in the wake of the COVID-19 pandemic. As an early mover in the space, Quickshift has successfully positioned itself as a one-stop solution for logistics and operational needs across a wide spectrum of brands.
The logistics sector has seen a surge of new-age, tech-driven delivery platforms, such as Zipee, Prozo, and Emiza, emerging to challenge established players like Delhivery, Shadowfax, and Shiprocket. Shadowfax, in particular, has recently filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offering of approximately Rs 2,000 crore.
