Supply chain optimization startup Locus has raised fresh funds from Falcon Edge Capital and Tiger Global Management. The company fetched total $22 Mn in the series B round that also saw participation from existing investors including Exfinity Venture Partners and Blume Ventures. The latest round has now taken company’s total fund raising amount to $28 million and propelled its valuation to nearly $100 Mn.
Nishith Rastogi, CEO and CO-founder Locus, said that the company will use the fresh fund infusion for ramping up its global expansion operations. It will look to further breach into new markets like North America and Europe while consolidating its presence in Southeast Asia. It currently boosts substantial presence in India, Singapore, Indonesia and Australia.
Navroz D Udwadia, Co-Founder, Falcon Edge Capital, said that his investment firm completely believes in massive growth opportunity in the global logistic market especially with the disruption caused by cutting edge technologies like AI and deep learning. Falcon Edge was also impressed by Locus’ ability to win over big logistic clients like Blue Dart, Udwadia added.
Mr. Rastogi claims that his company has the potential to capture $500 million in U.S. alone. He further claimed that logistic firms in North America are spending whopping $1 trillion on third-party players and this in-turn represents a massive opportunity.
Locus was incorporated in 2015 by Rastogi and Geet Garg, both are alumnus from prestigious institutes BITS Pilani and IIT Kharagpur. These two intensely passionate entrepreneurs wanted Locus to resolve the wide-ranging pain points affecting the critical process of supply chain. Its solutions like route optimization, real-time tracking, insights and analytics are helping clients to save logistics cost at scale and also increase their productivity as well as profitability.
At present the Bengaluru based company claims to serve 40+ clients globally and processing over 1 Mn orders almost daily.