LogiNext’s last mile delivery vertical, Sprintr, will be absorbing the 200 delivery personnel and the team of 20 other employees. The acquisition deal has been sealed in a mixed cash and equity deal.
YourGuy does an average of 4,000 orders per day from varied customers including Godrej Nature’s Basket, Subruban Diagnostics, Wellness Forever and others. With this acquisition, Paytm-backed LogiNext will be doubling its daily orders.
The last mile vertical of LogiNext works with e-commerce players Paytm and Myntra as well as other food delivery companies and pharmacies which constitute 30 per cent of the last mile business. Sprintr has a presence in four cities as of now.
Paytm’s investment in LogiNext
Digital payments and commerce platform Paytm is reportedly investing $10 million in the first round of institutional funding for data analytics firm LogiNext, in an effort to bring greater efficiency to its delivery vertical.
The investment is a part of Paytm’s plan to pump about $150 million in over a dozen startups. Paytm’s investment in early-stage startups would be in the $10-15 million range while a select few may see it invest larger amounts as well.
LogiNext Solutions is a privately held big data analytics start-up, that provides real-time visibility and optimization solutions to logistics companies across different segments starting from First Mile, Long Haul, Last Mile and Reverse Logistics.
LogiNext was started by Dhruvil Sanghvi and Manisha Raisinghani in the US in late 2013. The co-founders are graduates of Carnegie Mellon University.
The company serves over 75 enterprise clients and over 100 SME’s with a focus on e-commerce, express logistics and retail distribution companies to meet their needs for advanced technology to improve their day-to-day operations, provide superior customer service and ultimately save cost.
LogiNext raised seed round of funding of $500,000 from Indian Angel Network in April 2015. It later received series A round funding of around $10 Million from Paytm in September 2015. The company is currently present in India, Middle and South East Asia.
Mukesh Ambani controlled Reliance Industries (RIL) partnered with Microsoft Ventures to set up a GenNext Innovation Hub that serves as an incubator for start-ups in India. LogiNext was one of the 11 start-ups that were part of its first ever incubation program.