Locus raises $50 million from GIC, Qualcomm, others

BENGALURU: Logistics startup Locus has raised $50 million in collection C funding led by Singapore’s sovereign wealth fund GIC. Qualcomm Ventures, and current buyers Tiger Global and Falcon Edge and a bunch of angel buyers – Amrish Rau, CEO of Pine Labs, Kunal Shah, CEO of Cred, Raju Reddy, founding father of Sierra Atlantic, and Deb Deep Sengupta, former president & MD, SAP South Asia – have additionally invested. The firm has beforehand raised $30 million throughout a number of rounds.
Locus makes use of machine studying and proprietary algorithms to supply provide chain options to prospects. The firm says its options have resulted in $150 million financial savings in logistics prices, 70 million-km reductions in distance traveled, and 17 million kilograms discount in GHG emissions for shoppers in e-commerce, retail, e-grocery, FMCG, house companies, and a bunch of others.
Locus will deploy the funds to increase its geographic footprint and develop its R&D staff. “Quality and affected person capital permits us to give attention to path-breaking R&D, serving to us ship distinctive long-term worth to our prospects, over incremental enhancements. We can be recruiting extra PhDs in our knowledge science staff and want to double our patents by 2022,” stated Nishith Rastogi, CEO of Locus. The firm counts Nestle, Mondelez, Unilever, BigBasket, Bluedart, and the Tata Group as prospects.
Locus is increasing within the Americas, bolstering its management with trade veterans akin to Walter Heil, who beforehand labored at Project44 and BluJay, and Michael D Parmett, who was part of 3GTMS and Manhattan Associates. “We are additionally investing closely in Latin America,” stated Rastogi.
Varsha Tagare, senior director in Qualcomm Technologies, and MD at Qualcomm Ventures, stated, “Locus’ good product suite is optimising provide chain efficiencies by utilizing machine studying to ship real-time monitoring and insights for the final mile success.”



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