Startup City Magazine

Logistics Data Analytics Startup LogiNext Raises Seed Funding From IAN

Bangalore: Saas based Logistics analytics big data startup LogiNext Solutions Pvt. Ltd. raises $500,000 (Rs.3 crore) in seed round funding from Ajit Surana and Sanjay Mehta of IAN (Indian Angel Network).  The startup company intended to use the raised fund to develop product features and to expand work force.

The Mumbai based startup LogiNext was founded in January 2014 by alumni’s of Camegie Mellon University – Sanghvi & Manisha Raisinghani with a master degree in data analytics and business intelligence to facilitate logistic companies to advance their internal operations, provide customer services using data collection, advanced analytics and visualization and optimize delivery networks. Prior to that, the founders have gained a consulting experience by working with Deloitte and IBM in US.

The company uses Big data and Internet of Things (IoT) to optimize logistics services and internal connections. Till now, the company has claimed 15 medium and large paying clients across unorganized and emerging markets and anticipated to expand its foot to 25 enterprises within a short span of time. The company charges its clients Rs.2-5 lakh monthly.

Started in April 2006, the Indian Angel Network is a network of Angel investors. In order to help the early stage startups, which have the potential to create incompatible value; the Indian Angel provides high quality mentoring, strategies and a vast network.

Currently, IAN claimed more than 250 members and has funded approximately 60 early stage startups across India and overseas.  IAN runs an incubation centre and has incubated over 40 ventures; along with that it has invested in London based meetings manager app, Lowdownapp in recent days.

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