Shipsy earmarks investment of USD 10M over five years in Saudi Arabia

10X Technology

Mita Srinivasan
10X Technology
Published:

Shipsy earmarks investment of USD 10M over five years in Saudi Arabia

The Kingdom's SMEs will increase exports, create new job opportunities for Saudi youth, diversify sources of income and expand the production base in line with the Saudi Vision 2030. Vision 2030 also aims to lower the unemployment rate to 7 percent, boost women's participation in the workforce to 30 percent and ensure SMEs contribute 35 percent to KSA's GDP in the coming 10 years.

Shipsy, a SaaS-based logistics management platform provider, has earmarked an investment worth USD 10 million over five years in the region to drive technology innovation and research and development. The company has signed a memorandum of understanding (MoU) with Monsha'at, the small and medium enterprises general authority of the Kingdom of Saudi Arabia (KSA), to offer its technology at a significant concession for all customers channelled through Monsha’at in support of Saudi Vision 2030.

This MoU’s objective will be to develop and support SMEs and entrepreneurship under the laws and regulations in force in the Kingdom of Saudi Arabia and commensurate with the available resources, aiming to drive growth and economic diversification.

The Kingdom's small and medium enterprises (SMEs) will increase exports, create new job opportunities for Saudi youth, diversify sources of income and expand the production base in line with the Saudi Vision 2030. Vision 2030 also aims to lower the unemployment rate to 7 percent, boost women's participation in the workforce to 30 percent and ensure SMEs contribute 35 percent to KSA's GDP in the coming 10 years.

Soham Chokshi, CEO and Co-Founder, Shipsy said that they "are honoured to partner with Monsha'at and thrilled to be a part of KSA's Vision 2030”. He added that the company is committed to drive technology inclusion in the Kingdom's rapidly growing supply chain and logistics industry. “Technologies like AI, automation, ML, IoT, Blockchain and data analytics will create numerous employment opportunities and unlock efficiencies that will help logistics stakeholders build sustainable, agile and cost-efficient logistics processes," pointed out Choksi.

Shipsy enables businesses to build a resilient, connected, agile, sustainable and autonomous supply chain and logistics operations. With teams based out of India, Dubai, and Indonesia, its smart logistics management platform helps businesses significantly reduce operating costs, lower carbon footprint, enhance customer experiences, boost delivery productivity, and drive seamless cross-border freight movement.