Logistics start-up Locus raises $4 million from Rocketship.vc and others
Mara Labs-owned Locus says it will use the new funds to shape its product, and for global expansion
Bengaluru: Logistics platform Locus has raised $4 million in a fresh round of funding from US-based early stage investor Rocketship.vc, Recruit Strategic Partners, pi Ventures and Hemendra Kothari of DSP Group.
Existing investors Blume Ventures, Exfinity Venture Partners, BeeNext and growX ventures also participated in the current round.
The company said in a statement that it will use the new funds to shape its product, and for global expansion.
Locus, owned by Mara Labs Inc., optimizes logistics operations for enterprises in sectors such as FMCG, e-commerce, among others. Some of its clients include start-ups like Urban Ladder, Lenskart, Licious and big conglomerates like Tata Group.
Locus currently works with clients in India, Singapore, Jakarta, Phoenix and Vancouver.
The start-up claims to use a decision-making engine that employs patented algorithms to automate logistics operations. These include operations like route optimization, real-time tracking, analytics, warehouse management, and vehicle allocation among others.
According to Manish Singhal, founding partner at pi Ventures, logistics accounts for almost 10% of the world’s gross domestic product and it directly contributes to inflation.
“Fortunately, with increasing data availability on operations, it is now more possible than ever before to use technology for impactful logistics optimization. Locus’ sophisticated AI engine has delivered 10%-15% cost reduction in real-world scenarios across the globe,” added Singhal.
“Locus’ team is focused on building intellectual properties to solve complex real-world logistics problems globally, to increase productivity and profitability for enterprises. We are delighted to have marquee investors support us in our vision to automate all human decisions involved in logistics”, said Nishith Rastogi, co-founder, Locus.
Locus was founded in 2015 Rastogi and Geet Garg, who worked together at Amazon. The start-up currently competes with a cluster of technology-driven logistics companies that have attracted investor attention in India in recent months.
In April, Bengaluru-based logistics start-up Loadshare raised an undisclosed amount of funding led by Stellaris Venture Partners and Matrix Partners India. In the past, Logistics companies Rivigo and Blackbuck have raised more than $170 million and more than $100 million, respectively.
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