LogiNext raises $39 million series B funding round
LogiNext, a transportation automation platform headquartered in New York with its R&D offices in Mumbai, India has announced a fund raise of $39mn from US-based marquee investors Tiger Global Management and Steadview Capital. This Series B investment is its 3rd investment round preceded by the $10mn of Series A investment led by Paytm and Alibaba in 2016. This brings LogiNext’s total investment amount close to $50mn to date.
Co-founded by Manisha Raisinghani and Dhruvil Sanghvi, LogiNext’s SaaS platform enables automated order management, predictive capacity planning, real-time route optimization, dispatch automation, transparent customer experience and post-delivery processing and analytics of B2B transportation or B2C delivery business for more than 100 enterprise companies. LogiNext’s proprietary technology reduces manual intervention while running on-ground operations and automates the decision making in order to save close to 20% of the cost by increasing productivity.
LogiNext CEO, Dhruvil Sanghvi, mentions, “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.”
“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 breakneck speed,” said Ravi Mehta, MD & Founder at Steadview Capital.
LogiNext has been EBITDA profitable since last quarter and has been consistently growing by 200% every year. In a short span of 3 years, LogiNext has helped timely deliver over a billion shipments and daily touches the lives of 50 million end customers. McDonalds, Decathlon and Singapore Post are some of its marquee enterprise customers, apart from another 10-Fortune 500 customers.
While LogiNext’s user base is spread across 20 countries, its team is spread across 8 cities including Fremont, Dubai, Delhi, Kuala Lumpur, Singapore and Jakarta as of now with plans to expand their presence to New York, London, and Sydney. Alongside commencing operations at new locations, LogiNext also plans to double the workforce, especially in customer success and research & development teams.
Valued at nearly US$100mn, LogiNext is contemplating the acquisition of two vendors in its space. In 2020, LogiNext is set to make waves in its core industries including third-party logistics, quick service restaurants, courier express parcels, supermarket chains and retail.16