Bengaluru: Location analytics startup Locale.ai has raised pre-seed funding in a round led by early stage venture firm Better Capital. Angel investors such as Myntra co-founder Raveen Sastry and Fusion Charts co-founder Pallav Nadhani also participated in this round.
The company did not disclose the amount raised. However, according to a person aware of the deal, Locale.ai raised between $100,000 and $300,000 in this round.
Founded in 2019, Locale.ai is working with mobility and delivery companies in the US, France, Argentina and India. The company said in a statement that the funds will be used to scale and expand globally, primarily in the US. The Bengaluru-based startup is preparing to assist delivery companies globally to optimise supply operations via innovative location analytics.
The statement added that the founders, Rishabh Jain and Aditi Sinha, started the company to help firms with moving assets such as goods, delivery partners and vehicles, to increase revenues and achieve more sustainable demand using real-time location data and analytics. Since the covid-19 outbreak, they have seen a significant increase in demand from food, grocery and medicine delivery companies who want to reach their customers as soon as possible and achieve 100% booking fulfillment.
Locale.ai has partnered with data vendors to help companies overlay granular external data such as mobility patterns in a city, traffic and weather on top of their internal data to get better insights.
“We help companies decrease their customer acquisition cost by expanding in areas based on latent demand, reduce user churn by providing better SLAs in locations where they drop-off and increase existing customer revenue by doing geo-targeting based on users they move and where they order from," said Sinha, co-founder of Locale.ai.
“Location is at the core of the strategies that companies use to capture demand and Locale is the fastest way for any company to convert location data into easily searchable intelligence and the right insights," said Vaibhav Domkundwar of Better Capital.