Tiger Global-backed logistics tech startup Locus, which helps companies automate supply chain decisions, has landed a USD 50 million Series C check from Singapore’s sovereign wealth fund GIC and Qualcomm Ventures.
Existing backers, including Tiger and Falcon Edge, as well as angel investors like Amrish Rau, CEO of Pine Labs; Kunal Shah, CEO of Cred; and Raju Reddy, founder of Sierra Atlantic, among others, also participated in the round.
The deal values the six-year-old company at USD 300 million, according to a report by local media Economic Times. With the recent funding round, the startup has raised a total capital of USD 80 million.
Locus plans to use the funds primarily for improving geographical reach as well as building its research and development team to expand its product line, the company said in a statement on Wednesday.
“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,” said Nishith Rastogi, CEO of Locus. “We will be recruiting more PhDs in our data science team and are looking to double our patents by 2022.”
Founded in 2015 by Nishith Rastogi and Geet Garg, Locus uses deep machine learning and proprietary algorithms to offer smart supply chain solutions to global customers across sectors like e-commerce, retail, e-grocery, FMCG, home services, home deliveries, third party logistics, transportation, and B2B distribution.
In 2016, Locus raised USD 2.75 million in its Series A round led by Exfinity Venture Partners, with participation from Blume Ventures, Japanese VC firm BeeNext, and Rajesh Ranavat, managing director of Fung Capital. Three years later, in 2019, it roped in Falcon Edge Capital and Tiger Global to lead a USD 22 million Series B round in which existing investors also poured in more money.
Over the last few years, Locus has expanded beyond its home market, establishing a presence in North America, Southeast Asia, Europe, and the Indian subcontinent. Currently, it has offices in the USA, the UK, India, Singapore, Indonesia, Vietnam, and Germany.
“We are now looking to support our customers with a global footprint. Other than the geographies we are already present in, we are also investing heavily in Latin America and aggressively building our presence there,” Rastogi said.
According to the company, its platform has resulted in USD 150 million savings in logistics costs for its clients, which include Nestle, Mondelez, Unilever, BigBasket, Bluedart, Bukalapak, and The Tata Group.
Rastogi claims its clients save 10–20% in logistics costs after adopting its platform in their operations. “Logistics is super expensive for companies, so imagine savings in that range. We have become a critical component for our clients,” Rastogi told KrASIA in an interview last year.