The fresh round of funding will help Locus in expanding to new markets by improving the product and solutions for each region
Locus, a global artificial intelligence (AI)-backed supply chain optimisation firm, announced that it has raised US$ 22 million in Series B round of funding led by Falcon Edge Capital and Tiger Global Management.
The company’s previous investors Blume Ventures and Exfinity Venture Partners also participated in the funding round.
After having successful customer rollouts in India, Locus started looking for new markets in Southeast Asia and North America in 2018. The fresh round of funding will help the company in expanding to new markets by improving the product and solutions for each region as well as in expanding local teams.
Commenting on the development, Nishith Rastogi, CEO, Locus, said, “Locus provides autonomous supply chain optimisation thus minimising the dependency on human intelligence, built by an incredible team of PhDs and engineers. Product applications include clubbing of forward and reverse logistics in a single route plan, schedule and on-demand dispatch planning, and automatic escalation management.”
Plans for expansion
“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,” he added.
Navroz D. Udwadia, co-founder, Falcon Edge Capital, said, “We believe the trillion-dollar global logistics market is ripe for disruption via technological change, particularly AI and machine learning (ML)-driven solutions. We are excited to lead a Series B round in Locus, a company that deploys AI/ML/deep tech to drive route optimisation outcomes in global logistics markets.”
“With prolific anchor customers such as Blue Dart, the team has demonstrated the ability to build and deliver cutting edge technology and algorithmic driven outcomes that provide attributable RoI to the enterprise at scale. We are excited to help Locus expand its breadth and depth of product and sales reach, moving from route optimisation to a full-stack SaaS offering to the enterprise around its logistics needs,” said Udwadia.
Locus automates human decisions needed to transport a person or a package, between two points, delivering benefits along the axes of efficiency, transparency and consistency in operations. Currently, the company is serving more than 40 clients globally, owning a peak of over one million orders processed in a day. It has offices in India, Indonesia and the US and dedicated local teams for these regions.