Mumbai-based LogiNext Solutions Pvt Ltd, which runs a SaaS-based startup loginextsolutions.com, has raised an undisclosed amount in its seed round of funding from Ajit Surana and Sanjay Mehta of Indian Angel Network (IAN), co-founder of the company told VCCircle.
Mehta will join the board of the company. The firm will use the fund to develop product features and expand the team.
“Our vision is to disrupt the reactive aspect of logistics to a more pro-active, predictive and preventive way,” said Dhruvil Sanghvi, co founder, LogiNext.
The startup was founded in January 2014 by Sanghvi and Manisha Raisinghani. Both are alumni of Carnegie Mellon University with masters’ in data analytics and business intelligence. Prior to starting LogiNext, the duo have gained consulting experience at companies such as Deloitte and IBM in the US. With the recent upsurge in e-commerce and delivery service clubbed with remote connectivity, there is a need for deliveries and supply chain to be more planned, nimble and transparent.
LogiNext uses big data to help companies predict delays, save cost and handle customer service.
“We were looking for a startup which was solving the basic problem of the e-commerce guys, helping them improve (delivery) efficiency and customer experience,” said Mehta.
“With massive flow of shipments, LogiNext has designed its software to work on multiple data sources to predict the correct ETA of individual shipments,” he said.
The company claims to have 15 paying clients and is doing pilots for 25 firms, including Flipkart and Snapdeal. It declined to share the names of other clients, citing non-disclosure agreements.
It charges a monthly fee Rs 2-5 lakh from clients. Currently it employs 15 people and plans to expand the team to 25 in two months.
“India’s logistics sector is poised for accelerated growth and technological disruption with favourable environment led by GDP revival, ramp up in transport infrastructure, e-commerce penetration and the impending GST implementation. This has opened the floodgates of opportunities across the spectrum for companies dealing in the logistics space,” said cofounder Sanghvi.