Startup Deep Dive : LogiNext — how a $100 million startup sold itself for $250,000

In January 2020, LogiNext closed a $39 million round that valued it at roughly $100 million and pulled in Tiger Global and Steadview Capital as backers. Four and a half years later, in August 2024, the company’s board voted to sell everything it owned — software, subsidiaries, customer contracts — to a Delaware entity called Stellation Inc for $250,000.

That is not a typo. A Mumbai-founded logistics SaaS firm that had raised roughly ₹420 crore ($50 million, as reported by Inc42 and Inshorts, August 2024) across two rounds, signed up more than 100 enterprise clients, and was once profiled as one of the fastest-growing technology companies in the world, wound itself down for less than the price of a Mumbai apartment. This piece traces how LogiNext got from Coca-Cola’s delivery routes to a liquidation resolution — and what its cap table can teach any founder about what “backed by Tiger Global” actually means once growth stalls.

Quick facts

What they do

LogiNext built and sold LogiNext Mile, a software-as-a-service platform that plans delivery routes, tracks vehicles and field staff in real time, and automates dispatch for companies that move goods to end customers or franchise outlets. Its buyers were not consumers but enterprises with delivery-heavy operations: retail chains, e-commerce players, consumer packaged goods (CPG) companies, and quick-service restaurant (QSR) networks that needed to know where a delivery was, when it would arrive, and how to route the next one efficiently. The pitch was straightforward — replace spreadsheets, radio calls and manual dispatch boards with a platform that could plan and re-plan thousands of last-mile stops a day. At its widest reach, LogiNext said it served more than 100 enterprise clients across multiple countries, with one of its clearest public reference deployments being AmRest, the master franchise operator for KFC, Pizza Hut, Burger King and Starbucks in Central Europe, which rolled out LogiNext’s platform across more than 2,000 outlets for last-mile deliveries (PR Newswire, 2021).

The origin

Dhruvil Sanghvi and Manisha Raisinghani knew each other from Carnegie Mellon University, where they overlapped around 2009-2010. Sanghvi went on to spend roughly four years in management consulting at A.T. Kearney and Deloitte, advising large enterprises on operations; Raisinghani built up experience in data analytics. It was only in the second half of 2013, at a Starbucks in Manhattan, that the two actually sat down to build something together, according to an account carried by Forbes India’s 30 Under 30 profile of Sanghvi. Their shared observation was simple: logistics in emerging markets was unreliable not because companies lacked delivery fleets, but because nobody running those fleets had visibility into where anything actually was in real time. That gap — invisible delivery networks — became the founding thesis, and LogiNext was incorporated in 2014 to build software that made last-mile movement visible and plannable, first for track-and-trace use cases and later for full route optimization.

The struggle years

The two hardest stretches in LogiNext’s decade were about strategy and control, not a single dramatic collapse — which is part of why the ending caught outside observers off guard.

• Product identity crisis, 2014-2016: LogiNext began by competing on track-and-trace sensor hardware before repositioning around route optimization and last-mile delivery management software, a pivot that meant re-explaining the product to the market twice in its first two years (YourStory, January 2017).
• The scaling strain of 2016: closing Coca-Cola as an early large enterprise account pushed LogiNext into enterprise SaaS just two months into that shift, and headcount grew from around 20 to roughly 150 in a short window — a jump the founders themselves later described as forcing an entirely different, numbers-driven way of running the company, mapping revenue-per-employee and productivity in a way a 20-person team never had to (YourStory, January 2017).
• Investor exit ahead of a public listing, 2020: Paytm (One97 Communications), LogiNext’s first institutional backer since 2015, fully exited its roughly 31.4% stake as of March 2020 when Tiger Global and Steadview Capital came in — reported at the time as Paytm freeing up capital ahead of its own planned IPO rather than a vote of confidence in LogiNext’s next phase (Inc42, “Ahead Of Planned IPO, Paytm Exits Loginext Investment”).
• Cap-table concentration after the Series B: the January 2020 round left Tiger Global holding close to half the company, alongside Steadview — a structure that would matter far more than it seemed to at the time (NewsBytes, August 2024).

None of this was fatal on its own. Enterprise SaaS companies pivot, scale awkwardly and see early investors exit. What made LogiNext’s version of these years unusual was how much control had quietly moved to two financial investors well before the business hit real trouble.

The turning point

The turning point was not a product failure or a lost customer. It was a boardroom vote. On 8 July 2024, LogiNext’s board passed a resolution to stop using the LogiNext brand, transfer all client contracts, software, hardware and subsidiaries to Stellation Inc, a Delaware-registered entity, and begin winding up the company. The sale price was $250,000. Of the roughly $8-9 million still sitting in LogiNext’s reserves, most was returned to Tiger Global and Steadview, with about $2 million kept aside as working capital for the transition (reported by ET tech and NewsBytes, August 2024). Co-founder Manisha Raisinghani opposed the sale, arguing the company could fetch a higher price; Tiger Global and Steadview, which together controlled the board, backed the transaction because Stellation was also assuming LogiNext’s liabilities. The numbers either side of that one vote tell the whole story: a company valued at about $100 million in January 2020, wound up for a quarter of a million dollars four and a half years later.

The money behind it

LogiNext raised in exactly two institutional rounds over its life, for roughly $50 million (about ₹420 crore, as reported by Inc42 and Inshorts, August 2024) in total.

• Series A — September 2015: $10 million from Paytm (One97 Communications), which took what was later reported as a roughly 31.4% stake; the round was pitched publicly around expansion into Southeast Asia (YourStory and MediaNama, September 2015).
• Series B — January 2020: $39 million from Tiger Global Management and Steadview Capital, valuing the company at roughly $100 million and prompting Paytm’s full exit from its position ahead of Paytm’s own IPO (Inc42 and YourStory, January 2020).
• What each backer changed: Paytm’s money funded the shift from a India-only sensor and tracking product to a broader SaaS platform aimed at enterprise logistics; Tiger Global and Steadview’s later capital scaled the go-to-market motion internationally but also concentrated board control in two financial investors, which proved decisive in 2024.
• Total raised: approximately $50 million across the company’s lifetime, against a final asset sale of $250,000 — roughly 0.5% of capital raised recovered in the exit (Inshorts, NewsBytes, Venture Intelligence, August 2024).

LogiNext never disclosed a valuation event after January 2020. The $100 million figure from that round is the last one on record, meaning the company’s implied value fell by more than 99% between that mark and its August 2024 liquidation — a decline not formally priced by any funding round in between, since none happened.

How it makes money

LogiNext operated a fairly conventional enterprise SaaS model for its category, layered on top of usage that scaled with a client’s delivery volumes.

• Revenue in: software subscription and platform licensing fees charged to enterprise clients (retail chains, QSR franchise operators, e-commerce and CPG firms), typically priced against delivery or route volumes rather than flat per-seat pricing common in horizontal SaaS.
• Cost structure: the two largest costs for a logistics-tech platform of this kind are engineering and product headcount (LogiNext scaled to roughly 150-200 employees at peak, per YourStory and Tracxn) and enterprise sales and account management needed to win and retain large multi-country franchise accounts such as AmRest.
• Where the margin should sit: software margins in route-optimization SaaS are structurally high once a platform is built, because incremental delivery volume from an existing client costs little extra to serve — the challenge is the multi-year enterprise sales cycle and integration cost needed to land each new large account.
• The part people get wrong: a $100 million valuation on a $39 million round is often read by outsiders as proof of a large, profitable business. It is not — it is a price two investors were willing to pay for a stake in future growth. LogiNext’s own Indian-entity filings, which showed revenue collapsing to ₹7 lakh in FY21, make clear how far reported valuation can drift from audited revenue, particularly once a company’s billing and IP sit largely in an overseas holding entity rather than the Indian operating subsidiary whose filings are public.

The numbers

Audited, publicly filed financial data for LogiNext’s Indian entity is available only for two consecutive years before its filings effectively went dark; the company’s Ministry of Corporate Affairs (MCA) status is now recorded as struck off, and no later Indian-entity P&L has surfaced in public filings. The table below carries only what was verifiable in this session; later years are not invented.

• FY20 to FY21: revenue in LogiNext’s Indian entity fell 99.5% year-on-year, from ₹13.8 crore to ₹7 lakh (Tracxn and Inc42 financials, both citing MCA filings).
• A third-party compiled estimate (not an audited figure) put group-wide revenue at around $25 million (roughly ₹210 crore at the September 2026 rate) with about $49.6 million raised, as of 2024 — cited here only as a directional, unaudited data point, not fact (Getlatka, 2024).
• No revenue or profit figure after FY21 could be independently verified for the Indian entity in this session; that gap is disclosed rather than filled.

Where the money comes from

• Retail and quick-service restaurant delivery: the clearest public reference is AmRest, the master franchisee running KFC, Pizza Hut, Burger King and Starbucks outlets across Central Europe, which deployed LogiNext across more than 2,000 locations for last-mile delivery management (PR Newswire and Newswire.ca, 2021).
• Consumer packaged goods and food and beverage distribution: LogiNext’s own positioning through its later years centred on CPG and food and beverage delivery automation alongside retail and e-commerce, per the company’s own client-facing materials referenced in coverage of the 2024 wind-down (Venture Intelligence, August 2024).
• Geography split: LogiNext began as an India-built, Southeast-Asia-facing product on the back of its 2015 Series A, then shifted its centre of gravity toward a US and Europe enterprise client base, operating out of both Mumbai and Parsippany, New Jersey, by the time of its wind-down.
• The surprise: despite the company’s public narrative leaning on large-name Western QSR brands, its only audited revenue on record — the Indian entity’s ₹13.8 crore in FY20 — was a fraction of the scale that a $100 million valuation implied, underscoring how much of LogiNext’s reported reach sat in unaudited, overseas-entity or estimated numbers rather than filed Indian revenue.

The risks

• Cap-table concentration risk: by January 2020, Tiger Global was reported to hold close to 50% of LogiNext, with Steadview alongside it. When the board later voted on liquidation in July 2024, that concentration meant two financial investors could approve a sale over a co-founder’s objection — a mechanism risk that played out exactly as the structure allowed (NewsBytes, August 2024).
• Revenue and disclosure risk: the Indian entity’s filed revenue collapsed 99.5% between FY20 and FY21, and no later filings are publicly available; whatever the reasons, investors and partners relying on India-entity filings alone would have seen a business that looked to have effectively stopped generating revenue years before the actual wind-down (Tracxn, Inc42 financials).
• Competitive commoditisation: LogiNext Mile competed in a last-mile and route-optimization category that also includes FarEye, Shipsy and Locus, among others, in enterprise buyers’ shortlists, per Gartner Peer Insights’ alternatives listings for the category — a crowded field where undifferentiated route-optimization features compress pricing power over time.

The takeaway

The lesson in LogiNext is not really about logistics software. It is about what a “$100 million valuation” and “backed by Tiger Global” actually buy a founder, and what they cost. A large round from marquee investors can fund growth, but it also transfers real control: when growth stalls and there is no next round to paper over the gap, the shareholders who hold the votes decide the ending, not the people who built the product. Manisha Raisinghani’s objection to the Stellation sale went on record precisely because she no longer held the votes to stop it. Any founder reading a term sheet that hands financial investors a combined stake near or above 50% is not just pricing dilution — they are pricing away their own veto on the day the company’s fortunes turn, which is exactly the day that vote matters most.

Frequently asked questions

What did LogiNext actually sell?

A software-as-a-service platform, LogiNext Mile, used by enterprises for route planning, real-time delivery tracking and dispatch automation, sold to retail, e-commerce, CPG and food and beverage companies rather than to individual consumers.

Who founded LogiNext and when?

Dhruvil Sanghvi and Manisha Raisinghani, both Carnegie Mellon University alumni, founded LogiNext in 2014 after coming together in late 2013 around the idea that emerging-market logistics networks lacked real-time visibility.

How much funding did LogiNext raise in total?

Approximately $50 million (about ₹420 crore) across two rounds: a $10 million Series A from Paytm in September 2015, and a $39 million Series B from Tiger Global Management and Steadview Capital in January 2020, which valued the company at roughly $100 million (Inc42, YourStory, Inshorts).

Why did LogiNext shut down?

Public reporting does not point to a single cause. LogiNext’s board, controlled in large part by Tiger Global and Steadview Capital after 2020, voted on 8 July 2024 to sell all assets to Stellation Inc for $250,000 as part of a winding-up process, with co-founder Manisha Raisinghani objecting that a higher price was achievable. The company’s own Indian-entity revenue had also collapsed in its most recent available filings, from ₹13.8 crore in FY20 to ₹7 lakh in FY21.

Is LogiNext still operating?

No. The LogiNext brand was discontinued after the August 2024 asset sale, with client contracts transferred to Stellation Inc; LogiNext’s Indian corporate entity is recorded as struck off in company registry data reviewed via Tracxn.

Sources

Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).

• Inc42, “LogiNext Raises $39 Mn Funding From Tiger Global, Steadview,” January 2020
• YourStory, “Funding alert: LogiNext raises $39M in Series B from Tiger Global, Steadview Capital,” January 2020
• YourStory, “Logistics data analytic startup LogiNext confirms $10M Series A funding from Paytm, plans to expand to SE Asia,” September 2015
• MediaNama, “LogiNext secures $10M from Paytm,” September 2015
• Inc42, “Ahead Of Planned IPO, Paytm Exits Loginext Investment,” 2020
• NewsBytes, “$100M start-up shuts shop with $250K fire sale,” August 2024
• Inshorts, “LogiNext sells assets for ₹2 cr after ₹420-cr fundraise: Report,” August 2024
• Venture Intelligence, “Delivery automation enabler Loginext sells assets to US co. Stellation for $250-K,” August 2024
• ET tech, reporting on LogiNext’s board resolution and asset sale to Stellation Inc, August 2024
• Tracxn, LogiNext company and financials profile, accessed September 2026
• Inc42, “LogiNext Financials 2026 – Revenue, P&L & Cash Flow,” accessed September 2026
• Getlatka, “Loginextsolutions Revenue 2024: $25M Est. ARR, $49.6M Raised,” 2024 (unaudited, third-party estimate)
• PR Newswire / Newswire.ca, “LogiNext…partners with AmRest…on last mile deliveries,” 2021
• Forbes India, “Dhruvil Sanghvi is working to make LogiNext the Google of supply-chain logistics,” 30 Under 30, 2017
• YourStory, “The LogiNext storyline — highlighting entrepreneurial lessons of 2016,” January 2017
• Gartner Peer Insights, LogiNext Mile alternatives and competitors listing, accessed September 2026
• Trading Economics, USD/INR exchange rate, 18 September 2026

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