IoT startup Locanix raises Rs 2 crore

AHMEDABAD: Ahmedabad-based logistic IoT startup, Locanix has received a funding of Rs 2 crore from investors including senior executives at investment bank Goldman Sachs and technology company Cisco.

“The money will be used for further scaling up,” said Ruchit Surati, cofounder, Locanix.

The three-year-old startup used GPS tracking to provide innovative logistic solutions that help improve safety, security and operational efficiency.

The startup began with door-to-door marketing and has bagged clients like DSK Toyata, Sadbhav Engineering and Amul.

It has partnered with truck manufacturer Mahindra & Mahindra’s truck & bus division (MTBD).