BENGALURU: Logistics startup Locus has increased $50 million in series C financing led by Singapore’s autonomous wealth finance GIC.
Qualcomm Ventures, also Current investors Tiger Global and Falcon Edge along with a Whole Lot of angel investors – Amrish Rau, CEO of Pine Labs, Kunal Shah, CEO of both Cred, Raju Reddy, founder of Sierra Atlantic, along with Deb Deep Sengupta, former president MD, SAP South Asia – have invested.
The business has raised $30 million over several rounds.
Locus employs machine learning and proprietary calculations to provide supply chain solutions to clients.
The business claims its alternatives have led to roughly $150 million savings from logistics costs, 70 million-km discounts in distance traveled, and 17 million kilograms decrease in GHG emissions for customers from e-commerce, retail, and e-grocery, FMCG, housing solutions, and a lot of other people.
Locus will set up the capital to expand its geographical footprint and expand its own R&D team.
“Quality and individual funding enables us to concentrate on path-breaking R&D, assisting us provide excellent long-term worth to our clients, over incremental advancements.
We’ll be recruiting more PhDs from our information science group and are seeking to double our opponents by 2022,” explained Nishith Rastogi, CEO of Locus.
The Business counts Nestle, Mondelez, Unilever, BigBasket, Bluedart, along with the Tata Group as clients.
Locus is growing from the Americas, strengthening its direction with industry specialists like Walter Heil, who formerly worked in Project44 and BluJay, also Michael D Parmett, that had been part of 3GTMS and Manhattan Associates.
“We’re investing heavily on Latin America,” explained Rastogi.
Varsha Tagare, senior manager in Qualcomm Technologies, and MD in Qualcomm Ventures, stated,”Locus’ intelligent product package is optimising supply chain efficiencies using machine learning how to deliver real-time monitoring and precision for the past shuttle satisfaction.”
Locus Increases $50 million in GIC, Qualcomm, Many Others
