Locus secures $22 mn in Series B funding from Falcon Edge Capital, Tiger Global Management
May 14, 2019: Locus, an advanced supply chain optimisation company has raised $22 million in Series B funding by Falcon Edge Capital
May 14, 2019: Locus, an advanced supply chain optimisation company has raised $22 million in Series B funding by Falcon Edge Capital & Tiger Global Management. Exfinity Venture Partners and Blume Ventures, the previous investors, also took part in this round.
After successful customer rollouts across sectors in India, the company began expanding to North America and Southeast Asia in 2018. This funding will help Locus penetrate deeper into the new markets by enhancing the product & solutions for each geography and also in expanding local teams.
"Locus provides autonomous supply chain optimisation thus minimising the dependency on human intelligence, built by an incredible team of PhDs & engineers. Product applications include clubbing of forward and reverse logistics in a single route plan, schedule & on-demand dispatch planning, and automatic escalation management. Locus is on an unprecedented path to automate every possible decision in the supply chain. 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," said Nishith Rastogi, CEO of Locus.
Locus automates human decision required to transport a package or a person, between any two points on earth, delivering gains along the axes of efficiency, consistency, and transparency in operations.The company's premier logistics optimisation solutions include route optimisation, real-time tracking of orders, insights and analytics, dynamic sales journey plans, and automated shipment sorting. Locus is focussed on solving complex real-world logistics problems like increasing first attempt delivery rate (FADR) for e-commerce companies, sales transformation for global CPG companies, and suggesting optimal fleet mix for 3PL companies.
"We believe the trillion dollar global logistics market is ripe for disruption via technological change, particularly AI (artificial intelligence) and machine learning (ML) driven solutions. We are excited to lead a Series B round in Locus, a company that deploys AI/ML deep tech to drive route optimisation outcomes in global logistics markets. With prolific anchor customers such as Blue Dart, the team has demonstrated the ability to build and deliver cutting edge technology and algorithmic driven outcomes that provide attributable ROI (return on investment) to the enterprise at scale. We are excited to help Locus expand its breadth and depth of product and sales reach, moving from route optimisation to a full-stack SaaS offering to the enterprise around its logistics needs," noted Navroz D Udwadia, co-founder, Falcon Edge Capital.
Locus has established itself as an innovative leader in AI-backed logistics solutions by tackling the industry's core supply chain challenges and operational complexities. One of the largest e-grocery players in India is using Locus to achieve 99.5 percent SLA adherence for over 10 million customers. Locus currently serves 40 clients globally saving logistics cost at scale, increasing productivity and profitability for enterprises across multiple segments, owning a peak of over 1 million orders processed in a day. Locus has offices in India, US and Indonesia and dedicated local teams for these regions.