Sanjay Mehta, an angel investor, has earned a 16-fold return by the help of selling his stake in logistics automation startup LogiNext.
The automation startup LogiNext was founded in 2014 by the founders Dhruvil Sanghvi and Manisha Raisinghani.The company is backed by PayTM and Indian Angel Network for a total venture investment of more than 10 Million USD. LogiNext Solutions is a privately held big data analytics start-up, that provides real-time visibility and optimization solutions to logistics companies across different segments starting from First Mile, Long Haul, Last Mile and Reverse Logistics.
Moreover, LogiNext is a transportation software-as-a-service (SaaS) startup that serves delivery logistics automation, real-time route optimization, dispatch and workforce management and post-delivery processing and analytics of business-to-business (B2B) transportation or business-to-consumer (B2C) delivery business.
As an angel investor he has invested in more than 130 firms that include OYO Rooms and Box8. Recently, he has sold his entire stake in the firm to New York-based Tiger Global Management and Steadview Capital, in LogiNext’s recent $39 million equity financing round that valued the firm at nearly $100 million this month. Mehta had led a ₹3 crore investment, adding with a few other angel investors in this round.
For instance, the firm was initially made to concentrate more on the Indian SME (small and medium enterprises) market, and then it moved along to large enterprises and from there to the global play. However, the global play changed everything for the company as it got customers from the Far East and the US, such as McDonald’s.
Sanjay Mehta said, they pay attention to the founder’s potential to do activities rather than what they have done. Their background is just a bonus but the most significant matter is their vision and how mature they are.
The company all in all provides clients such as Singapore Post, McDonald’s, and Decathlon. Mehta also launched a venture capital fund called 100X.VC in the month of July 2019. The venture fund plans to invest in 100 startups in one year. The objective is to invest between ₹25 lakh to ₹1 crore per startup and ensure that Mehta becomes a feeder for the next round, so the VCs will get a ready situation.
So far, they have completed 20 deals from the fund and are willing to do 20-25 a quarter and 100 deals a year. Considering the fund’s investment strategy, Mehta claimed that he would stay apart from companies with solo founders as they are arduous to scale up.