SaaS startup and logistics automation platform, LogiNext, has raised $39 Mn from VC giant Tiger Global and Steadview Capital. This is a series B round for LogiNext, which has its headquarter in Freemont (California) and also has a branch in India’s financial capital Mumbai. Paytm was one of the important investors in LogiNext’s series A round raised in 2016, consolidating SaaS startup’s Indian connection.
LogiNext essentially offers SaaS solutions to companies for helping them streamline their logistics operations. Apart from other plethora of functions, its SaaS solutions help companies to track all their logistic operations including movement of vehicles, shipments and carriers in real time on a single map interface. All this is made possible by leveraging the cutting edge technologies like machine learning and cloud computing.
The company is a brainchild of Indian founders Dhruvil Singhvi and Manisha Raisinghani. Both may have foreseen massive opportunity in logistics operations, which is saddled by lack of infrastructure and continues to be a drag on the profitability of most companies.
Both co-founders foresight seem to have been validated, with today LogiNext boosting string client list and also has formidable presence across the globe. By company’s own admission, it has operations in as many as 20 countries and has been EBITA profitable since the last quarter.
LogiNext said that it will use the latest capital infusion for further expanding its operations, covering newer territories like New York, Sydney and London. The company may also use the funds to strengthen its presence in segments like quick service restaurant, courier express parcel, supermarket chains and retail.
LogiNext represents long list of US based startups with strong Indian connections. In most of these cases, the strong Indian connection is brought forth by Indian co-founders. Partly owing to the respect enjoyed by Indian diaspora in US, these startups have managed to receive strong funding support from the investment community.