Paytm-backed software-as-a-service-based logistics automation platform Loginext Solutions Pvt. Ltd has raised $39 million (approximately Rs 277.81 crore at current exchange rates) in its Series B funding from Tiger Global and Steadview Capital.
The firm said the latest capital infusion from the US-based investors has valued it at around $100 million, The Economic Times reported. The transaction takes the total capital raised by LogiNext to around $50 million.
US-based LogiNext said it will use the funds to expand its presence to cities such as New York, London, and Sydney. It also aims to double its workforce in the research and development and customer success verticals.
The company, founded by Dhruvil Sanghvi and Manisha Raisinghani in 2014, has also research and development centre in Mumbai.
VCCircle has reached out to LogiNext on the details of the investment and will update this report accordingly.
“With this investment, we are looking to build an even superior product which will help our customers differentiate from their competitors,” Raisinghani said, according to the report.
“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,” Sanghvi added.
LogiNext says its software can integrate with several platforms and also provides features such as capacity planning, real-time analytics, resource management, and real-time visibility. Some of the companies it has worked with include McDonald’s, Decathlon, Samsung and IBM, according to its website.
In January last year, reports said the firm was in advanced talks to acquire FieldEZ Technologies Inc., and India and US-based field-force management company.
LogiNext also raised funding at least twice in 2015 – in April, it received an undisclosed sum of seed funding from Ajit Surana and Sanjay Mehta of the Indian Angel Network. Then, in September, Paytm invested at least $10 million in the company.
The investment in LogiNext marks Tiger Global’s latest bet on an India-based startup. The global investment firm has been on a deal-making spree following the end of a three-year hiatus in 2018.
It has marked at least two other investments this month. First, it reportedly committed $200 million (around Rs 1,425.21 crore) to education-technology firm Byju’s. Tiger Global also participated in a $90 million (around Rs 638.52 crore) Series C funding round in Zinier Inc., a field service automation startup.
Steadview Capital, meanwhile, makes long-term investments across several industries, with its investor pool including family offices, endowments, foundations, sovereign wealth funds, and pension funds.
It has made several bets on Indian startups in recent months, including subscription management platform Chargebee, the software-as-a-service-based dental platform CareStack, and digital payments firm BharatPe.
Deals in the logistics-tech segment
Investor interest in the logistics-technology segment has increased in recent months as startups seek to provide new-age services at scale and affordable prices.
In December, Freightwalla raised $4 million (around Rs 28.30 crore) in its Series A funding round from a clutch of investors, including venture capital firms such as the US-based Amplo, FJ Labs and Rogue One Capital. Existing investors such as Kae Capital and Tekton Ventures also contributed to the round.
In November, reports said Blackbuck raised Rs 56 crore (around $7.83 million) in mixed equity and debt funding round from venture debt fund Trifecta Capital. In the same month, Info Edge (India) Ltd, which owns and operates portals such as job site Naukri.com, led a pre-Series A funding round in the digital logistics platform Shipsy.