Tiger Global and Steadview Capital have led $39 million Series B round in transportation automation platform LogiNext, valuing the six-year-old startup at about $100 million.
Including this round, the Mumbai and California-based startup has raised over $50 million across three rounds from the likes of Paytm and Alibaba Group.
In May 2019, media reports suggested that SoftBank’s early-stage funding arm SoftBank Ventures Asia was planning to foray into the Indian market via investment in LogiNext. The talks, however, didn’t materialise.
According to the company’s statement, the fresh capital will be utilised to expand its presence to New York, London, and Sydney. It will also double down its workforce focusing on customer, research and development teams.
Run by Dhruvil Sanghvi and Manisha Raisinghani, LogiNext helps B2B and B2C logistics companies to improve internal operations, optimise delivery networks and provide customer service using data collection, advanced analytics, and visualisation.
With more than 200 clients across North America, Middle-East, South and Southeast Asia, LogiNext serves small enterprises and large enterprise across industries such as e-commerce, transportation, banking, insurance, courier, retail, FMCG, among others.
Some of the renowned clients of LogiNext are Paytm, Samsung, IBM, McDonald’s and Decathlon. It also claims to have been Ebitda positive from the last financial quarter.
Since its re-entry in India, the New York-based hedge fund had backed close to 30 startups in the country.