LogiNext, a California-based logistics management company, raised $39 million in funding from US-based Tiger Global Fund and Stead view brand investors on Stock.
This Series B investment is the shipping automation company’s third endowment round over the past three years, having raised $10 million in a cycle A round led by Paytm and Alibaba in 2016. That takes to date LogiNext’s total funding sum up to $50, which has angel contributions from Sanjay Mehta, who is the company’s first partner.
LogiNext plans to use this Series B funding to develop its presence to include New York, London, and Sydney outside India. The company currently exists in 20 countries around the globe and most of its revenue comes from outside India.
Dhruvil Sanghvi, the co-founder of LogiNext, told Inc42 that 20 percent of its returns come from India, while approximately 80 percent comes from other countries in which it works.
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In fact, LogiNext will also use research and development (R&D) support. “The testimonials of our [LogiNext] customers testify to that and with this commitment, we are looking to build an even superior product that will help our customers distinguish from their rivals,” said Manisha Raisighani, LogiNext CTO.
Founded in 2014 by Sanghvi and Manisha Raisighani, LogiNext is a software-as-a-service (SaaS) business that leverages machine learning and cloud technology in order to provide solutions for the management and optimization of logistics and field services.
LogiNext claims that the biggest challenge in this sector is creating on-the-ground changes in human behavior. Since most of its customers are conventional people and have a sluggish community, Sanghvi told Inc42 that they need a strong push.
LogiNext is based in California and has branches in India, Singapore, UAE, and Indonesia. The company has 125 employees, of which 100 are based in Mumbai and the other 25 are from eight other locations — including Fremont, Dubai, Delhi, Kuala Lumpur, Singapore and Jakarta.
LogiNext still appears to be positive since last quarter in terms of EBITDA (earnings before debt, tax, depreciation, and amortization). LogiNext pointed out in its press statement that it reported a rise of 200 percent year-on-year (YoY). Sanghvi also noted that over the last three years the business has experienced a 3x YoY rise.