LogiNext, a California-based logistics automation platform has announced that it has secured $39 million in a new Series B funding round from Tiger Global Management and Steadview Capital.
With this funding, the company has now secured about $50 million so far, including angel investment from India-based angel investor Sanjay Mehta. Prior to this round, the company had raised $10 million in Series A funding which was led by Paytm and Alibaba.
The newly infused capital will be used by this upstart to expand its operations outside India and especially into New York, London, and Sydney. LogiNext is currently operational in 20 countries across the world, with most of its revenue coming from outside India.
Dhruvil Sanghvi, founder of the company, claims that about 20 percent of its revenue comes from India while 80 percent comes from other countries it operates in. Thus, it makes sense for the company to use the newly raised funding to expand in other regions.
LogiNext was founded in 2014 by Dhruvil Sanghvi and Manisha Raisinghani. It is a software-as-a-service (SaaS) company that leverages machine learning and cloud technology to manage and optimise logistics and field service operations.
It has a team spread across eight cities including Fremont, Dubai, Delhi, Kuala Lumpur, Singapore and Jakarta. The company is currently headquartered in Fremont, CA with a Research & Development centre in Mumbai.
It claims to have more than 200 client across North America, Middle-East, South and Southeast Asia. The startup is serving small enterprises and large enterprise across industries, including e-commerce, transportation, banking, insurance, courier, retail, and FMCG, among others.