B2B Logistics Start-up Locus All Set to Make a Mark on the North American Shores with its Latest Funding
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Logistics, initially, was one aspect of management. Today, it has become a disruptive field that is providing cutting-edge technology and solutions to the B2C and B2B sector.
The growing need to streamline operations and supply-chain management brought the logistics platform into the spotlight. Moreover, the investors have realized the importance of these disruptive elements in the market and that is why, perhaps, investment in logistics start-ups has grown immensely over the last few years.
Locus, is a platform as a service start-up, founded in 2015 in Bengaluru, which optimizes logistics operations to provide consistency, efficiency & transparency. Recently, it raised secured $22 Million in Series B round of funding by Falcon Edge Capital & Tiger Global Management. Previous investors Exfinity Venture Partners and Blume Ventures also took part in the round.
Entrepreneur India interacts with the Co-founder and CEO, Nishith Rastogi over email wherein he shares his plans for the future and how he will utilize the funding received.
The Time is Ripe for the Logistics Sector
Simply put, Locus automates human decisions required to transport a package or a person, between any two points on earth, delivering gains along the lines of efficiency, consistency, and transparency in operations.
Over the last few years, start-ups in the logistics sector have been grabbing eyeballs of the masses and the investors. So what is the reason of this new-found interest?
Rastogi points out, “They believe that the trillion dollar global logistics market is ripe for disruption via AI and machine learning driven solutions.”
Locus has already expanded its ranks beyond the Indian boundaries including US, Indonesia, Malaysia, Vietnam Singapore, India, and Australia. Their presence in the Indian market is quite significant.
Through the funding, Locus is primarily looking at expansion. Rastogi explains, “We will use the funding to boost our global expansion efforts as we amplify our team size specifically in North America and continue to build our IP.”
"An Unprecedented Path"
He adds that as a team, they are on an unprecedented path to automate every possible decision in the supply chain. He further adds, “Historically, we’ve spent disproportionately more on developing and building new products than most of our competitors, and we intend to continue that. This funding will go straight into building solutions at a pace that the world is yet to see from us.” Rastogi also promises that their customers will be the biggest beneficiaries as new features, and intellectual property would be added to the products, with increased velocity.
If this is how it is going to be, then the world definitely has a spectacle in-making in the coming times.
The Indian logistics industry has now become a thriving market in India. The burst of a robust stream like e-commerce has also added to the scope of growth of this sector.
Amidst such alterations and changes in the market and the times at large, Rastogi also talks about tackling the industry’s core supply chain challenges and operational complexities. “Locus is building solutions to solve problems of the future making them obsolete today. Just like deliveries are now based on time-slots than days, and supervised route optimization is changing to an autonomous function.”
Rastogi is clear that Locus will continue to build tech that eradicates the existing problems and identifies new ones way before they can become a menace for his clients.
The year looks interesting for logistics start-ups. The first unicorn of India in 2019 was Delhivery, again a logistics company.