In a recent development, logistics optimisation platform, Locus has raised $4mn in their pre-Series B round of funding. The likes of Rocketship.vc, Recruit Strategic Partners, piVentures and Mr. Hemendra Kothari of DSP Group, have invested in the company, with a participation from previous investors Blume Ventures, Exfinity Venture Partners, BeeNext and growX ventures.
In a business of optimising logistics operations for enterprises, across sectors, Locus uses deep learning and proprietary algorithms to provide intelligent route optimisation, real-time tracking, insights and analytics. It also ensures efficient warehouse management, vehicle allocation and utilisation, intuitive 3D packing and measurement of packages using these technologies.
The company plans to use these funds to continue to build IP and for global expansion. The company also strives to increase productivity and profitability for enterprises.
Sailesh Ramakrishnan, Partner, Rocketship.vc, said, “Locus is at the forefront of a new wave of technology companies that are disrupting traditional fields like logistics and optimization through the use of cutting-edge artificial intelligence techniques”.
Manish Singhal, Founding Partner, pi Ventures, commented, “Logistics accounts for 10% of world GDP and is a direct contributor to inflation. Fortunately, with increasing data availability on operations it is now more possible than ever before to use technology for impactful logistics optimisation. Locus’ sophisticated AI engine has delivered 10%-15% cost reduction in real-world scenarios across the globe. We are very excited to back Nishith and Geet in building a global technology company from India“.
Veteran investment banker Hemendra Kothari of DSP Group, said, “We believe that Locus’ innovative approach, with algorithms at the core, will enable companies to achieve performance enhancing logistics automation and supply chain efficiencies”.
Founded in mid 2015 by Nishith Rastogi and Geet Garg, Locus has automated logistics for leading companies in the world like Urban Ladder, Tata Group of Companies, Droplet, Licious, Rollick, Lenskart, other global FMCG, pharma, e-commerce, 3PL and logistics conglomerates. Locus currently works with clients in India, Singapore, Jakarta, Phoenix and Vancouver.
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Srishti currently works as Associate Editor at Analytics India Magazine. When not covering the analytics news, editing and writing articles, she could be found reading or capturing thoughts into pictures.