Haryana-based software-as-a-service (SaaS) start-up Shipsy signed a memorandum of understanding (MoU) with Monsha'at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, to expedite Saudi Vision 2030. 

The MoU highlighted that Shipsy would offer its technology at a significant concession for all customers channeled through Monsha'at. The leading logistics SaaS provider also committed to investing $10 million over five years in the region to drive technology innovation, research and development.

The start-up has established a headquarter in Riyadh to onboard local talents. Its first regional headquarter in the Middle East (ME) was established in Dubai in 2022. 

The company has clocked a 100 per cent growth in the top line and is expecting a growth rate of more than 125 per cent in the ME. It has also claimed to witness a 70 per cent increase in the talent pool in the past 15 months. 

"In 2021-2022, we have grown team members across multiple geographies globally. In the past three months, we have sent offers equivalent to 20 per cent of our headcount. Now, with two regional HQs in the Middle East, we are focusing on hiring top regional talent and further boost our local presence and customer support. We are also aggressively hiring for India as well as global roles across multiple verticals. Continuous growth in customer base across MEA, APAC and SEA, rapid technology innovation and steady increase in human resources have made it possible for Shipsy to become one of the most capital efficient startups with negligible burn, and nearing profitability," says Harsh Kumar, Chief Strategy Officer, Shipsy.

According to a statement, Shipsy’s AI and automation-powered solutions are enabling businesses across industries to reduce transportation costs, boost customer experience, mitigate logistics risks, shrink carbon footprint and build proactive supply chain processes.

The company has also claimed to work with customers across the Middle East in the manufacturing, express logistics, retail, food delivery and quick commerce industries.