Paytm to invest USD 10 mn in logistics data firm LogiNext

By: GizBot Bureau

Mobile commerce platform Paytm said it is investing USD 10 million in logistics data start-up company, LogiNext. The move is in line with Paytm's strategic plan to invest USD 150 million in a dozen Indian tech start-ups over the next few months, the company said in a statement.

Paytm to invest USD 10 mn in logistics data firm LogiNext

"While large logistics companies have great in-house tech capabilities, smaller players have limited access to good technologies. To solve this, we are building a strong logistics cloud network for our merchants and courier partners," said Kiran Vasireddy, Senior Vice President at Paytm.

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"LogiNext's real time big data analytics platform will help courier companies to bring in more efficiency in their delivery network by route optimization and real-time tracking of their resources," he added. LogiNext is a privately held big data analytics start-up backed by Indian Angel Network.

At present, LogiNext serves customers in the medium and large enterprise bracket. It uses technology to provide real-time visibility and optimization solutions to logistics companies and helps in avoiding delays, incorporating transparency, real-time tracking to get insights about moving assets, distribution networks, inventory and supply chain.

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Consumer brand of India's leading mobile internet company One97 Communications, Paytm's investors include Ant Financials (AliPay), SAIF Partners, Sapphire Venture and Silicon Valley Bank.

Source PTI

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