Locus raises $50 million from GIC, Qualcomm, others

BENGALURU: Logistics startup Locus has raised $50 million in series C funding led by Singapore’s sovereign wealth fund GIC. Qualcomm Ventures, and existing investors Tiger Global and Falcon Edge and a bunch of angel investors – Amrish Rau, CEO of Pine Labs, Kunal Shah, CEO of Cred, Raju Reddy, founder of Sierra Atlantic, and Deb Deep Sengupta, former president & MD, SAP South Asia – have also invested. The company has previously raised $30 million across multiple rounds.
Locus uses machine learning and proprietary algorithms to offer supply chain solutions to customers. The company says its solutions have resulted in $150 million savings in logistics costs, 70 million-km reductions in distance traveled, and 17 million kilograms reduction in GHG emissions for clients in e-commerce, retail, e-grocery, FMCG, home services, and a host of others.
Locus will deploy the funds to expand its geographic footprint and grow its R&D team. “Quality and patient capital allows us to focus on path-breaking R&D, helping us deliver exceptional long-term value to our customers, over incremental improvements. We will be recruiting more PhDs in our data science team and are looking to double our patents by 2022,” said Nishith Rastogi, CEO of Locus. The company counts Nestle, Mondelez, Unilever, BigBasket, Bluedart, and the Tata Group as customers.
Locus is expanding in the Americas, bolstering its leadership with industry veterans such as Walter Heil, who previously worked at Project44 and BluJay, and Michael D Parmett, who was a part of 3GTMS and Manhattan Associates. “We are also investing heavily in Latin America,” said Rastogi.
Varsha Tagare, senior director in Qualcomm Technologies, and MD at Qualcomm Ventures, said, “Locus’ smart product suite is optimising supply chain efficiencies by using machine learning to deliver real-time tracking and insights for the last mile fulfillment.”

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