Locus raises $50M Series C funding led by GIC:
The logistics company Locus was launched in 2015. It is known for its smart supply chain solutions to customers using ML algorithms. The clients of Locus are spread globally from North America, Southeast Asia, and Europe to the Indian subcontinent. Locus is a company that is making smart, flexible and proactive supply chain management for faster solutions in decision making and caters to dynamic demands of the market. They give priorities to customer expectations and live up to them and use technology to strategize and provide better solutions.
Locus is a logistics start-up that raised $50 million in Series C funding which was led by GIC. It raised the funding with the help of Singapore’s sovereign wealth fund as well as participation from Qualcomm Ventures LLC and investors like Tiger Global and Falcon Edge.
The other angel investors who made this funding a successful one are Amrish Rau, CEO of Pine Labs; Kunal Shah, CEO of CRED; Raju Reddy, Founder of Sierra Atlantic and MD, SAP South Asia. Earlier Locus had raised about $30 million across multiple rounds and raising $50 million is a huge step for the company. Qualcomm Technologies also invested in this venture. Varsha Tagare, Sr. Director Qualcomm Technologies and Managing Director at Qualcomm Ventures says, “We’re excited to invest in Locus to enable logistics as a service and support their journey to become a global last-mile automation leader”.
The start-up has already made its plan about how to utilize this funding and improve its reach to expand its reach. They want to expand their product line as well by building an efficient research and development team. The start-up has its offices in the US, UK, India, Singapore, Indonesia, Vietnam and Germany. They are thinking of expanding more across the US. They are hiring experts like Walter Heil, Senior Vice President, Business and Michael D. Oarmett, Vice President, Customer Success. Thus they are rigorously investing to expand in America.
The company is trying to improve its sectors and expand their venture to more places globally. They want to improve their geographical reach and betterment their research and development sector which will enhance their product line.
According to the start-up, their scalable solutions have resulted in a net worth of $150 million savings on logistic cost,70 million+ reductions in distance travelled in kilometres and 17 million+ kilograms reduction in GHG emissions for clients across various sectors like e-commerce, retail, e-grocery, CPG/FMCC, home services, home deliveries, 3PL, transportation and B2B distribution.