Mumbai-based logistics analytics startup, LogiNext Solutions has raised Rs 3 crore in seed funding from India Angel Network. As part of the deal, Sanjay Mehta, lead investor and member of IAN will join the LogiNext board. The new funding will be used for marketing, hiring and developing new algorithm.
Started in 2014, as a venture of Dhruvil Sanghvi and Manisha Raisinghani, LogiNext uses Internet of Things (Iot) and Big Data to helps logistics companies improve their internal operations and optimize delivery networks. It currently serves medium and large scale enterprises including Flipkart in Indian markets.
The company claims to have 15 paying clients and is doing pilots for 25 firms, including Flipkart and Snapdeal. Currently, the firm employs 15 people in its team and plans to expand up to 25 in two months.
As per an IndianExpress report, logistics sector in India, which is now worth $100 billion, will be worth $385 billion by 2015. A number of logistics companies have come up and grown along with the eCommerce boom, hence the market for logistics technology is ripe with the competition low at the moment.