Logistics management software startup Locus has raised $22 million in a Series B round led by Tiger Global Management and Falcon Edge Capital, it said on Monday. Existing investors Exfinity Venture Partners and Blume Ventures also participated in the round.
Mint had first reported on 29 April that New York-based Tiger Global is likely to invest in as many as five SaaS (software-as-a-service) companies in India in May, including Locus.
Locus helps automate transportation solutions to increase efficiency, consistency and transparency in the entire operational value chain. Its solutions include route optimization, real-time tracking of orders, analytics and automated shipment sorting.
Last June it raised $4 million from Rocketship.vc, Recruit Strategic Partners, pi Ventures and DSP Group’s Hemendra Kothari.
Tiger has shown renewed interest in the Indian startup space with investments in more than half-a-dozen business-to-business (B2B) companies in the last six months alone, including an $89 million round in Ninjacart, a B2B platform for farm produce. It led a $50 million round last week in Zenoti, which provides software for salons and spa chains across 44 countries. It has also backed Fyle, which offers expense management software for enterprises, Facilio, a real-time facility management solutions provider for real estate businesses and CleverTap, a SaaS-based mobile analytics and marketing company.
CleverTap’s software and analytics help businesses find people, events and behaviour on their websites and apps. SaaS firms generally provide software that is accessed online via a subscription, rather than bought and installed on individual computers.
These indicate a marked shift in Tiger’s approach, as it moves away from the consumer-centric approach of 2011 to 2015 when it invested in consumer internet firms such as Ola, ShopClues and Hike, apart from Flipkart.
“Locus provides autonomous supply chain optimization thus minimizing the dependency on human intelligence, built by an incredible team of PhDs & Engineers," said Nishith Rastogi, co-founder and CEO, Locus.
“ 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 (intellectual property)," he added.
Falcon Edge Capital, another New York-based fund, has shown more interest in India in recent times. Mint first reported on April 24 that Falcon Edge is in talks to invest in two-wheeler rental startup bounce, at a valuation of $200 million.