Bengaluru-based logistics startup Locus has raised USD 22 million in a Series B funding led by Falcon Edge Capital and Tiger Global Management. Existing investors Exfinity Venture Partners and Blume Ventures also participated in the round. The proceeds will be used to capture new markets by offering customisations and hiring teams locally.
“The funding will act as a boost to our global expansion efforts as we amplify our team size specifically in North America and continue to build our IP,” Economic Times quoted Locus CEO Nishith Rastogi as saying. Locus was founded by Geet Garg, Nishith Rastogi in April 2015. It is an intelligent logistics automation platform with in-built route planning and vehicle allocation engine. 1111 The platform helps companies and enterprises in e-commerce, food delivery, FMCG and other verticals to automate and optimise their logistics. The product suite comprises of a route deviation engine, order dispatch automation, a field user app, route optimizations, scheduling, tracking for end-customer, and predictive analytics.
Over the past few years, we have served 40+ clients globally saving logistics cost at scale, increasing productivity and profitability for enterprises across multiple segments, reaching a peak scale of over 1M order transactions a day. Our operations span across the US, Mexico, Indonesia, Singapore, India, Australia, and the list is expanding rapidly, Rastogi wrote in a blog.
With the capital, Locus aims to identify new gaps in the logistics sector and fill them with our AI-based decision-making solutions. As we continue to expand our horizons, we will amplify our team size and continue to build market-leading IP, he added.
At present, half of the company’s revenue come from India, while Southeast Asia, Australia, North America etc account for the rest. Locus is operationally profitable.
Tiger Global has invested in Flipkart and Ola in India. Of late, the VC fund is focusing on B2B startups.
“We believe the trillion-dollar global logistics market is ripe for disruption via technological change, particularly AI and machine learning-driven solutions,” Navroz Udwadia, cofounder, Falcon Edge Capital told Economic Times.