Locus raises $22 Million in Series B Funding
Locusoptimizes logistics operations for enterprises, across sectors, to improve efficienciesresulting in higher profitability, expanding its global footprint with thesecured funding from Falcon Edge Capital and Tiger Global Management and others
NEW YORK - Media OutReach - May 14, 2019 - Locus (https://www.locus.sh/), a globalAI backed supply chain optimization company has secured $22 Million in (SeriesB) funding by Falcon Edge Capital & Tiger Global Management. Previousinvestors Exfinity Venture Partners and Blume Ventures also took part in thisround.
After demonstrating successful customerrollouts across sectors in India, the company began expanding to North Americaand Southeast Asia in 2018. The new round of funding will help Locus penetratedeeper into the new markets by enhancing the product & solutions for eachgeography and also in expanding local teams.
Locus automates human decisionsrequired to transport a package or a person, between any two points on earth,delivering gains along the axes of efficiency, consistency, and transparency inoperations. The company's premier logistics optimization solutions includeroute optimization, real-time tracking of orders, insights and analytics,dynamic sales journey plans, and automated shipment sorting. Locus is focussedon solving complex real-world logistics problems like increasing First AttemptDelivery Rate (FADR) for e-commerce companies, sales transformation for globalCPG companies, and suggesting optimal fleet mix for 3PL companies.
"Locus provides autonomous supply chainoptimization thus minimizing the dependency on human intelligence, built by anincredible team of PhDs & Engineers. Product applications include clubbingof forward and reverse logistics in a single route plan, schedule &on-demand dispatch planning, and automatic escalation management. Locus is onan 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 amplifyour team size specifically in North America and continue to build our IP," saidLocus CEO, Nishith Rastogi.
"We believe the trillion dollar globallogistics market is ripe for disruption via technological change, particularlyAI and machine learning driven solutions. We are excited to lead a Series Bround in Locus, a company that deploys AI/ML/deep tech to drive routeoptimization outcomes in global logistics markets. With prolific anchorcustomers such as Blue Dart, the team has demonstrated the ability to build anddeliver cutting edge technology and algorithmic driven outcomes that provideattributable ROI to the enterprise at scale. We are excited to help Locusexpand its breadth and depth of product and sales reach, moving from routeoptimization to a full-stack SaaS offering to the enterprise around itslogistics needs." said Navroz D. Udwadia, Co-Founder, Falcon Edge Capital.
Locus has established itself as aninnovative leader in AI backed logistics solutions by tackling the industry'score supply chain challenges and operational complexities. One of the largeste-grocery players in India is using Locus to achieve 99.5% SLA adherence forits 10Mn+ customers. Locus currently serves 40+ clients globally savinglogistics cost at scale, increasing productivity and profitability forenterprises across multiple segments, owning a peak of over 1 million ordersprocessed in a day. Locus has offices in India, US and Indonesia and dedicatedlocal teams for these regions.
Locus is an advanced supply chainoptimization company that uses proprietary algorithms and deep learning toprovide route optimization, real-time tracking, insights and analytics, dynamicsales journey plans, efficient warehouse management and vehicleallocation & utilization. Locus identifies new gaps in the logistics sectorand fills them with AI-based decision-making solutions helping enterprisesreduce logistics cost, enable on-time deliveries and provide a delightful enduser experience. Founded by Nishith Rastogi and Geet Garg, the companycomprises of engineers and data scientists from Carnegie Mellon University andIndian Institute of Technology. The company now has operations in the US,Indonesia, Singapore, India, and Australia. For more information on Locus, goto https://locus.sh/