Logistics startup Locus announced that it has raised $50 million in a Series C funding round led by GIC, Singapore’s sovereign wealth fund, along with participation from Qualcomm Ventures LLC and existing investors Tiger Global and Falcon Edge.
The round also saw participation from Angel investors Amrish Rau, CEO of Pine Labs; Kunal Shah, CEO of CRED; Raju Reddy, Founder of Sierra Atlantic; and Deb Deep Sengupta, former President and MD, SAP South Asia.
The startup plans to use the freshly raised funds to increase its geographical reach and strengthen its research and development team to grow the product line.
Locus had previously raised $30 million over several rounds.
Commenting on the development, CEO Nishith Rastogi said, “Quality and patient capital allows us to focus on path-breaking R&D, helping us deliver exceptional long-term value to our customers, over incremental improvements. We will be recruiting more PhDs in our data science team and are looking to double our patents by 2022.”
Varsha Tagare, Sr. Director, Qualcomm Technologies, Inc., and Managing Director at Qualcomm Ventures, said, “We’re excited to invest in Locus to enable logistics as a service and support their journey to become a global last-mile automation leader.”
Established in 2015, Locus employs ML and proprietary algorithms to provide smart supply chain solutions to customers. With clients across North America, Southeast Asia, Europe, and the Indian subcontinent, the startup has offices in the US, the UK, India, Singapore, Indonesia, Vietnam, and Germany.
It is also expanding across the US, recruiting industry experts like Walter Heil, Senior Vice President, Business; and Michael D. Parmett, Vice President, Customer Success to handle the US business. Heil earlier worked at Project44 and BluJay, while Parmett was a part of 3GTMS and Manhattan Associates.
“We are now looking to support our customers with a global footprint. Other than the geographies we are already present in, we are also investing heavily in Latin America and aggressively building our presence there,” added Nishanth.
Locus claims that its scalable solutions have succeeded in $150 million savings in logistics costs, 70 million+ kilometer reductions in distance traveled, and 17 million+ kilograms reduction in GHG emissions for clients across sectors like e-commerce, retail, e-grocery, CPG/FMCG, home services, home deliveries, 3PL, transportation, and B2B distribution.
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