Boosting the IoT Industry in India!

Funding the IoT Logistic Startup in India

Recently, Software-as-a-service (SaaS) based logistics tech startup Locanix raises funding of $300,000 (INR 2 crore) from a group of investors including senior executives from Cisco and Goldman Sachs. Founded in the year 2013 by Ruchit Surti, Locanix is based in Ahmedabad. With the new funds, the startup will scale its operations, as per Economic Times. This funding shows that there is some scope for the IoT market in India.

About Locanix

Locanix offers offers GPS location information services such as remote temperature monitoring, fuel monitoring, mining, auto dealership and high value goods transportation with a focus on safety, security and operational efficiency. In short, the startup provides Internet of Things based logistics solution from corporate fleet management to consumer vehicle solutions. With the help of its GPS based tracking solutions, Locanix assures safety, security and operational efficiency. Currently, Locanix has some esteemed clients like DSK Toyota, Sadbhav Engineering and Amul on its list. It has partnered with Mahindra & Mahindra’s truck and bus division (MTBD).

The startup visions to revolutionize transportation across the country by driving IoT innovation into every moving vehicle in India.

Takeaways:

• Recently, Software-as-a-service (SaaS) based logistics tech startup Locanix raises funding of $300,000 (INR 2 crore) from a group of investors including senior executives from Cisco and Goldman Sachs.
• Founded in the year 2013 by Ruchit Surti, Locanix is based in Ahmedabad.
• With the new funds, the startup will scale its operations, as per Economic Times