The Startup Plans To Utilise The Funds To Continue To Build Intellectual Property And Expand Globally
Logistics optimisation startup Locus has raised $4 Mn in a pre-Series B round of funding led by Rocketship.vc, Recruit Strategic Partners, pi Ventures, and Hemendra Kothari of DSP Group. The startup plans to utilise the funds to continue to build intellectual property (IP) and to expand globally.
Nishith Rastogi, CEO and co-founder of Locus, said, “Locus’s team is focussed on building IP to solve complex real-world logistics problems globally, and to increase productivity and profitability for enterprises. We are delighted to have marquee investors support us in our vision to automate all human decisions involved in this sector.”
Founded in 2015 by BITS Pilani and IIT graduates Nishith Rastogi and Geet Garg, Locus is a machine learning startup focused on simplifying logistics. It uses deep learning and proprietary algorithms to provide intelligent route optimisation, real-time tracking, insights, analytics, etc.
It has been earlier backed by investors including Exfinity Venture Partners, Blume Ventures, BeeNext, GrowX Ventures, Manish Singhal, Bhupen Shah, Sanjay Mehta, Ankit Pruthi, and Rajesh Ranavat.
Locus has provided automated logistics for companies like Urban Ladder, Tata Group of Companies, Droplet, Licious, Rollick, Lenskart, other global FMCG, pharma, ecommerce, 3PL and logistics conglomerates. The startup works with clients in India, Singapore, Jakarta, Phoenix, and Vancouver.
Sailesh Ramakrishnan, partner at Rocketship.vc, said, “Locus is at the forefront of a new wave of technology companies that are disrupting traditional fields like logistics and optimisation through the use of cutting-edge artificial intelligence techniques.”
Previously, Locus was a part of Microsoft’s eighth accelerator batch. In 2016, the startup raised $2.75 Mn (INR 18.3 Cr) in a Series A funding led by Exfinity Venture Partners.
Inter-city logistics accounts for a massive 95% of road freight movement; by 2020, the freight transport market in India is expected to be worth $307.70 Bn.
According to the Inc42 Datalabs Funding Report for H1 2017, in terms of the amount being invested, transport and logistics took the third and fourth spots, respectively, with $528 Mn and $271 Mn in funding. In total, startups in this space received over $271 Mn funding across 18 deals in H1 2017.