Locad Raises $11Million In Series A Funding The fund raised will be used towards building the region's largest fulfilment network
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Logistics engine Locad has raised an $11 million in Series A funding round to expand their supply chain platform that allows modern consumer brands in Thailand and across Asia-Pacific to automatically store, pack, ship and track orders in a distributed, end-to-end supply chain as-a-service. The round was led by Reefknot Investments, a fund anchored by Temasek and logistics powerhouse Kuehne and Nagel. The series A funding round also saw participation from returning investors Sequoia India and Southeast Asia's Surge, Febe Ventures, Antler, as well as new investors Access Ventures, JG Summit, and WTI. The fund raised will be used towards building the region's largest fulfilment network. The company is adding warehouses, partnering with transport operators, and hiring talent for their Bangalore office.
"Omnichannel commerce demands a powerful logistics infrastructure in order to succeed. And that infrastructure is not only made of an interconnected network of warehouses and shipping carriers but also the precise data that reflects the movement of goods in that supply chain. Tech and data are at the heart of what we're building here at Locad. To realize this, we're doubling down on our hiring efforts in key locations such as Bangalore where we have a strong team of developers and marketers helping grow the product and business end-to-end," said Shrey Jain, CTO and co-founder, Locad.
To date, Locad has served over 200 brands across Singapore where they're headquartered, the Philippines, Thailand, Hong Kong, and Australia, and shipped more than 2 million transactions while maintaining a 99% same-day order fulfillment rate, claimed by the company in a statement.
"We are excited to partner with Locad to bring holistic end-to-end e-commerce logistics solutions to brands across Asia Pacific. Locad's unique operating model of localizing warehouses into the cities ensures that inventory is kept close to the customers thereby enabling significant cost and time savings for both brand and consumer. We believe that Locad's logistics engine will spur greater participation in the digital economy as consumers outside of tier-1 cities can now receive their orders 2-3 times faster at a fraction of the usual cost,"said Ervin Lim, vice-president of Reefknot Investments.
Locad is the logistics engine enabling e-commerce brands with a cloud supply chain to grow their omnichannel business and automatically store, pack, ship, and track orders across Asia-Pacific.