Transportation automation platform LogiNext has raised $39 million (about Rs 278 crore) in a fresh round of equity financing led by New York-based investment firm Tiger Global Management and Steadview Capital, the Fremont, California-based company announced on Friday.
The Series B round of funding, which values the company at about $100 million, comes about three years after LogiNext, which has its research and development facility in Mumbai, had scored $10 million from financial services major Paytm and China’s Alibaba Group. Till date, the six-year-old company has raised an estimated $50 million across three rounds.
The transportation SaaS company provides 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.
The company’s platform, which is underpinned by artificial intelligence algorithms, serves more than 50 enterprises and 100 small enterprises, it said in an official statement. Among its clientele are Singapore Post, McDonald’s and Decathlon.
“LogiNext has built a strong presence among large global customers in the last 18 months and continues to grow at a breakneck speed,” Ravi Mehta, chief executive officer of Steadview Capital, said in a company-issued statement.
The company will use the proceeds from the latest round of fund raising to expand its presence to New York, London, and Sydney, while also doubling its workforce, with a focus on ramping up its customer success and research and development teams, the press statement said.
“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,” Dhruvil Sanghvi, CEO of LogiNext, said.
The company is in talks to acquire two vendors in its space, according to the press statement, but did not disclose further details. It also claims to have been Ebitda positive from the last financial quarter.
“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,” Manisha Raisinghani, chief technology officer at LogiNext, said.
Both, Tiger Global Management and Steadview Capital, are amongst the most active growth and late-stage investors in the Indian startup ecosystem, having earlier backed the likes of Ola, UrbanClap, Freshworks and NinjaCart, among others.