Mumbai based LogiNext which helps logistics companies improve their internal operations, optimize delivery networks, has raised little over a half million USD seed round from Indian Angel Network. According to YourStory sources, the deal valued LogiNext in range of $2-3 million.
Following the round Sanjay Mehta, who led the round and Ajit Surana will join the company’s board. LogiNext will use funds for marketing, developing new algorithm and hiring.Visibility is the biggest issue seen in logistics and supply chain across the world and LogiNext helps supply chain and logistics companies to track their shipments, delivery boys, vehicles and other assets every single minute on a map interface.
LogiNext, also a TechSparks 2014 company, offers real time tracking and logistics analytics right from pick ups to line haul, last mile and reverse logistics. Currently, it serves medium and large scale enterprises including Flipkart in Indian markets.
Led by GDP revival, ramp up in transport infrastructure, e-commerce penetration, and impending GST implementation India’s logistics sector is poised for accelerated growth and technological disruption. "Our vision is to disrupt the “reactive” aspect of logistics to a more “pro-active, predictive and preventive” way and while doing this we plan to become the best real time logistics optimization product in the country in next 6 months,” says Dhruvil Sanghvi, Co-Founder, LogiNext.
The brainchild of Dhruvil and Manisha Raisinghani who met at the Carnegie Mellon University in 2010. Dhruvil has been involved in technology space for more than five years with a strong interest and expertise in Big Data. Manisha comes with over six years of design and development experience in business analytics and optimization.
“We believe that today success in e-commerce is attributed to companies having control & visibility on their supply chain logistics experience as products sold on every other site is more or less similar. With massive flow of shipments, LogiNext has designed their software to work on multiple data sources to predict the correct ETA of individual shipments,” says Sanjay.
The 15 members team also plans to go global this year. “We will roll out to international market within 6-9 months but it will happen after raising Series A,” adds Dhruvil.
PS: We have updated the post with number in USD from INR