Logistics tech startup Locus raises $50 million in funding led by GIC

In all, investors have infused about $80 million into the firm (Representative image)

Locus, a logistics tech start-up, on Wednesday said it has raised a fresh $50 million in funding led by Singapore-based GIC. The investment, part of the company’s Series C financial round, also saw participation from Qualcomm Ventures, existing investors Tiger Global and Falcon Edge, and a clutch of angel investors including Amrish Rau, CEO of Pine Labs, and Kunal Shah, CEO of Cred.

In all, investors have infused about $80 million into the firm.

The company will use the funds to augment its geographical reach and build its research and development team to help expand the product line, it said in a statement. Locus uses machine learning and algorithms to automate supply chain decisions. The firm has clients across the Indian subcontinent, North America, Europe and Southeast Asia.

The firm claims that its solutions have resulted in savings of over $150 million in logistics costs and reduced distance travelled by more than 70 million km for clients across sectors including e-commerce, retail, home services and business-to-business (B2B) distribution.

“We will be recruiting more PhDs in our data science team and are looking to double our patents by 2022,” said CEO Nishith Rastogi.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Source link


Cheniere to work with natural gas producers to measure carbon emissions

Article content SAO PAULO — The largest U.S. liquefied natural gas (LNG) exporter, Cheniere Energy Inc, said on Thursday it would quantify carbon...

No local body polls in Maharashtra till 70 per cent of people vaccinated: Minister

Maharashtra Rural Development Minister Hasan Mushrif on Monday said there will be no elections to local bodies in the state till 70 per...

5 Tips From A Sports Photographer On How To Take Captivating Action Photos

Take a look at this great article on how to take action photos with captivating impact. The article is filled with tips that can...

bitcoin price: Top cryptocurrency prices today: Bitcoin, Polkadot and Uniswap soar up to 12%

NEW DELHI: Major cryptocurrencies were trading with big gains on Monday as Tesla chief Elon Musk's tweet over Bitcoin gave new hopes to...

What is Causing the Worrisome Increase in Ransomware

Ransomware is a type of malicious software that encrypts files on a computer or network and holds them hostage until the owner pays...