Loginext Liquidates Assets to Stellation Inc. for $250,000 amid Market Strain

The asset sale includes software, hardware, subsidiaries, customers, and vendor contracts

SaaS firm Loginext Solutions, backed by Tiger Global and Steadview Capital, sold its assets for $250,000 to Delaware-based Stellation Inc. The liquidation, part of a broader winding-up process, follows Loginext's $50 million fundraising across multiple rounds. According to a July 8 board resolution, the Mumbai and New Jersey-based firm will cease operating under the Loginext brand, transferring all client contracts to Stellation.

The asset sale includes software, hardware, subsidiaries, customers, and vendor contracts. Loginext, registered in Delaware, has returned $8-9 million from its reserves to investors Tiger Global and Steadview, with an additional $2 million set aside as working capital. The development underscores the challenges faced by the SaaS sector, which saw significant growth during the COVID-19 pandemic but has since encountered difficulties. Loginext, founded in 2014, had previously raised $39 million in 2020 at a $100 million valuation. The company’s clients included major brands like KFC, Starbucks, and McDonald’s.

At the last board meeting, Tiger Global and Steadview supported the asset sale, while co-founder Manisha Raisinghani opposed it, believing a higher valuation was achievable. Raisinghani established SiftHub, which recently received $5.5 million, after leaving the firm in 2021. Despite earlier growth, Loginext faced internal challenges, including executive departures, which contributed to its decline. The liquidation marks a significant shift in the logistics SaaS landscape, signaling broader industry stress post-pandemic.