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.
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