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Locus in talks to lead $60M from GIC

locus logistics funding

B2B logistics optimization startup Locus is in discussions to rise $60 million in a Series C funding round from Singapore’s sovereign wealth fund GIC, three people aware of the development revealed.

Following this round, Locus will be valued at about $300 million, they added taking the total capital raised by the startup so far to over $88 million.

Existing investors Tiger Global and Falcon Edge are also foreseen to participate in the round. Exfinity Venture Partners and Blume Ventures are some of its other investors.

The funds will help the company strengthen its technology, and scale up operations in the United States, its largest market outside of India, sources said.

The company also has a presence in Southeast Asia.

In 2019, the company raised $22 million in a Series B round led by Falcon Edge and Tiger Global. The transaction valued the company at about $100 million then.

Locus was established in 2015 by Rastohi, a BITS Pilani alumnus, and Geet Garg, an alumnus of IIT Kharagpur.

It provides advanced supply chain optimization solutions that use proprietary algorithms and deep learning to provide route optimization, real-time tracking, insights and analytics, dynamic sales journey plans, efficient warehouse management, and vehicle allocation and utilization to its clients.

Rastogi and Garg had previously worked together at Amazon.

GIC has been increasing its investments in India.

According to data from Venture Intelligence, GIC has invested in 12 deals worth $11.5 billion in the last three years in India. Some of its major recent investments have been in Bharti Airtel, HDFC, Sterlite India, Indian Hotels, and Reliance Retail.

So far this year, the fund has invested in payments startup Razorpay and food delivery app Swiggy.

Global investors are increasingly pursuing companies in the SaaS (software-as-a-service) logistics area.

FarEye, a B2B SaaS platform, announced on Tuesday that it had raised $100 million in a new round led by TCV and Dragoneer Investment.

Delhivery, BlackBuck, and Rivigo have also raised capital from investors in the past.

Locus appears to be an interesting Software-as-a-service (SaaS) platform offering great services in the logistics space. The company seems to have amazing prospects for growth in the future. My best wishes to the team of Locus.

Shishir Gupta, Founder and CEO, StartupLanes

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