Logistics optimiser Locus raises $4mn in B series in India
05 Jun 2018
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Logistics optimisation platform Locus has raised $4 million in a pre-Series B round of funding from Rocketship.vc, Recruit Strategic Partners, pi Ventures and investment veteran Hemendra Kothari, which will be used for its expansion plans.
The round also saw participation from existing investors such as Blume Ventures, Exfinity Venture Partners, BeeNext and growX ventures. The start-up will use the funds to continue to build Intellectual Property and for its global expansion plans.
Locus optimises logistics operations for enterprises and helps them improve efficiencies. The start-up was founded in mid 2015 by Nishith Rastogi and Geet Garg who worked together at Amazon.
Manish Singhal, founding partner, pi Ventures, said,“Logistics accounts for 10 per cent of world GDP and is a direct contributor to inflation. Fortunately, with increasing data availability on operations it is now more possible than ever before to use technology for impactful logistics optimisation.”
“Locus' sophisticated Artificial Intelligence engine has delivered 10-15 per cent cost reduction in real-world scenarios across the globe. We are very excited to back Nishith and Geet in building a global technology company from India, he added.
Veteran investment banker Hemendra Kothari of DSP Group, said: “Winning companies differentiate themselves by their efficient logistics operations. We believe that Locus’ innovative approach, with algorithms at the core, will enable companies to achieve performance enhancing logistics automation and supply chain efficiencies. We believe that Locus will make headway on a global scale in this important sector”.
Locus has automated logistics for companies such as Urban Ladder, Tata Group, Droplet, Licious, Rollick, Lenskart, other global FMCG, pharma, e-commerce, 3PL and logistics conglomerates. Locus currently works with clients in India, Singapore, Jakarta, Phoenix and Vancouver.
