Paytm-backed LogiNext targets treble sales to $3million in FY'17

Mumbai: Paytm-backed supply chain automation firm LogiNext Solutions looks to treble its revenue next fiscal to USD 3 million (about Rs 20 crore) and plans to increase its shipments four-fold to 2 lakh per day, a top company official said.

"In the next financial year, we are looking at increasing our revenue to USD 3 million and aim to touch 2 lakh shipments a day from 50,000 currently," Dhruvil Sanghvi, co-founder and chief executive of LogiNext told PTI.

Founded in 2014 by Dhruvil Sanghvi and Manisha Raisinghani, the company helps automate supply chain nodes enabling them to track their shipments from pick-ups to line haul, last mile and reverse logistics.

Apart from tracking, it also offers analytics from multiple data sources.

LogiNext works with over 50 large clients and 100 small businesses, services companies, including Mahindra, Myntra, Paytm, Reliance Fresh and DMart.

It has two revenue models and aims to break-even by the middle of next year, Sanghvi said.

Firstly, it sells software and charges clients licencing fee per delivery person every month for the business they conduct.

The other model is where the company undertakes deliveries on behalf of the client and charges a fee for it.

"We are present in international markets in the Middle East and South East Asia where we sell our data analytics software and we expect to enter more markets going forward," Sanghvi said.

LogiNext is present in 24 cities in the country and claims to have grown almost 500 per cent in revenue terms in 2015, processing an average of 50,000 shipments every day.

In September last year, the company had raised about USD 10 million (Rs 60 crore) in Series A round from Paytm.

Before that, it had received seed funding from Indian Angel Network.