Paytm invests in logistics analytics startup LogiNext
Online recharge and utility payments portal Paytm has invested $10 million in LogiNext Solution Pvt Ltd, a location-based analytics startup for logistics management.
The move is in line with Paytm's strategy of investing $150 million in a dozen Indian tech start-ups over the next few months.
"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 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," said Kiran Vasireddy, senior vice president at Paytm, which is owned by Noida-based One97 Communications Ltd.
Sanghvi and Manisha Raisinghani founded LogiNext in January 2014. Both are alumni of Carnegie Mellon University and hold master degree in data analytics and business intelligence. LogiNext uses big data to help companies predict delays, save cost and handle customer service.
In April, the company claimed it has 15 paying clients.LogiNext had raised an undisclosed amount in seed funding from Ajit Surana and Sanjay Mehta of Indian Angel Network (IAN).
Paytm, which recently, crossed the 100 million transactions threshold for its mobile wallet, has invested in startups such as Zovi, Little and others.