Logistics data start-up company LogiNext has got support from mobile commerce platform Paytm, which will invest $10 million in the first round of institutional funding for the firm.
The move is in line with Paytm’s plan to invest $150 million in Indian tech start-ups over the next few months.
Kiran Vasireddy, senior vice-president at Paytm, said while large logistics companies have tech capabilities, smaller ones have limited access to good technologies. “To solve this, we are building a strong logistics cloud network for our merchants and courier partners and our investment in Loginext adds muscle to our cloud offerings.”
Loginext’s big data analytics platform will help courier companies to bring more efficiency in their delivery network by route optimisation and real-time tracking of their resources.
LogiNext is a privately held big data analytics start-up backed by Indian Angel Network, one of the largest angel investing groups in India.