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Logistics IoT Startup Locanix Raises Funding

Logistics IoT Startup Locanix Raises Funding

Ahmedabad-based logistic IoT startup, Locanix, has raised $294K (INR 2 Cr) in funding private investors and government scheme including senior executive from Goldman Sachs, large customer in the mining space and senior manager at Cisco.

Founded in 2013 by Ruchit Surati and Snehal Patel, Locanix, builds innovative solutions using GPS location information ranging from corporate fleet management to consumer vehicle solutions, with a focus on safety, security and operational efficiency. The startup has customers using fleet management solutions to track their goods, secure their transport and drive business efficiency through ERP integration.

Ruchit Surati, co-founder of Locanix, said, “We plan to utilise the fund for further scaling up.”

The startup is  closely working with NASSCOM CoE for IoT and is chosen as one the India’s 15 Iconic IoT startups. It has brands like Havmor, DSK Toyota, Indian Bank as its customers and has recently bagged orders from Sadbhav Engineering Ltd and Amul. Locanix has also partnered with truck manufacturer Mahindra & Mahindra Truck and Bus Division (MTBD).

The startup claims to have 100% year over year growth for the past two years. It expects to beat that growth rate in 2016.

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