LogiNext Raises $39 Mn Funding From Tiger Global, Steadview

#News(Startup) [ via IoTGroup ]

California-based logistics automation platform LogiNext has raised $39 Mn funding from US-based marquee investors Tiger Global Management and Steadview Capital.
This brings LogiNext’s total funding amount close to $50 Mn to date, which includes angel investments from Sanjay Mehta, who is the company’s first investor.
LogiNext is planning to use this Series B funding to expand its presence outside India and into New York, London and Sydney.
Currently, the company operates in 20 countries across the world and most of its revenue comes from outside India.
LogiNext’s cofounder Dhruvil Sanghvi told Inc42 that 20% of its revenue comes from India, whereas almost 80% comes from other countries it operates in.
Therefore, LogiNext will be using the funding to penetrate deeper into the overseas market.
Moreover, LogiNext will also utilise the funding for research and development (R&D).
“Our [LogiNext] customer’s testimonials speak to that and with this investment we are looking to build an even superior product which will help our customers differentiate from their competitors,” LogiNext CTO, Manisha Raisighani, said.
Founded in 2014 by Sanghvi and Manisha Raisinghani, LogiNext is a software-as-a-service (SaaS) company that leverages machine learning and cloud technology to provides solutions to manage and optimise logistics and field service operations.
“In the fierce competition for making sense out of huge amounts of location data, LogiNext has already taken the lead and created the product which helps customers massively slash logistics costs and automate the complex logistics operations,” Sanghvi said, in a press release.
In 2020, the company is planning to have another 30 Fortune funded companies on board.
Headquartered in California, LogiNext has its offices in India, Singapore, UAE, and Indonesia.
LogiNext also claims to be EBITDA (earnings before interest, tax, depreciation, and amortization) profitable since last quarter.

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