[Funding alert] Logistics startup LogiNext raises $39M in Series B from Tiger Global, Steadview Capital
LogiNext will use the funding to commence operations at new locations, as the logistics startup plans to double its workforce, especially across the R&D.
Transportation and automation startup LogiNext has raised $39 million as a part of its Series B funding, led by marquee investors Tiger Global Management and Steadview Capital.
Post this round, the valuation of the startup stands at roughly $100 million.
According to the company, it will be using the funding to commence operations at new locations, as it plans to double the workforce, especially across its Research and Development function.
LogiNext last raised $10 million as a part of its Series A round, led by Indian payments giant Paytm and Chinese technology behemoth Alibaba. The total investment raised by the startup now stands at $50 million.
Started in 2014, LogiNext is an end to end logistics management SaaS platform, which enables automated order management, predictive capacity planning, real-time route optimisation, dispatch automation, transparent customer experience and post-delivery processing and analytics of B2B transportation or B2C delivery business.
It serves more than 50 enterprises and around 100 small companies. Currently, headquartered in Fremont, CA with an R&D centre in Mumbai, LogiNext’s platform is backed by Artificial Intelligence (AI) algorithms.
Speaking about the platform, LogiNext CEO Dhruvil Sanghvi, said,
“In the global trend of transportation and ecommerce, we believe that we have got the right timing. End customers, be it consumers or businesses, are expecting things to reach them faster than ever and our technology platform can help enterprises do just that. We believe we have built the right team and the right business model to help us scale to the next level from here.”
LogiNext also claims that its proprietary technology reduces manual intervention and saves close to 20 percent cost for delivery businesses by increasing productivity.
“With this investment, we are looking to build an even superior product which will help our customers differentiate from their competitors. We would like to expend a copious amount of focus into R&D and continue to spearhead innovations in this category”, said Manisha Raisinghani, CTO, LogiNext.
Claiming to be EBITDA profitable since last quarter, LogiNext says it helps deliver over a billion shipments and counts McDonald's, Decathlon, and Singapore Post as some of its marquee enterprise customers.
At present, the startup's user base is spread across 20 countries, and its team is spread across eight cities including Fremont, Dubai, Delhi, Kuala Lumpur, Singapore and Jakarta. It plans to expand to New York, London, and Sydney, with this current round of funding.
Ravi Mehta, MD and Founder at Steadview Capital, added,
“We are very excited by Dhruvil’s vision to transform the global logistics market through cutting edge technology products. LogiNext has built a strong presence in the large global customers in the last 18 months and continues to grow at a breakneck speed.”
LogiNext also claims that it is contemplating the acquisition of two vendors in its space.
(Edited by Saheli Sen Gupta)
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