Logistics Firm Locus Raises $50 Million Led by GIC
Global Logistics startup, Locus announced that it has raised $50 million in Series C funding led by GIC, Singapore’s sovereign wealth fund, with participation from Qualcomm Ventures LLC and existing investors Tiger Global and Falcon Edge.
Additionally, Amrish Rau, CEO of Pine Labs; Kunal Shah, CEO of CRED; Raju Reddy, Founder of Sierra Atlantic; and Deb Deep Sengupta, former President and MD, SAP South Asia, also participated in the round.
Founded in 2015 by Nishith Rastogi and Geet Garg, Locus has developed a technology platform that uses machine learning and proprietary algorithms to automate complex supply chain decisions. The platform claims to bring in end-to-end supply chain visibility, increase operational efficiency, reduce environmental impact and streamline the customer experience. Locus has built a global presence with seven offices and a client base spread across North America, Europe, Southeast Asia, Middle East, ANZ, and the Indian Subcontinent
In a statement the company said that the fresh funds will be utilized to improve Locus’ geographical reach and build its research and development team to expand the product line.
CEO NishithRastogi said, “Since our inception, we’ve been a strong research-focused company, and this funding will give us more arsenal to continue pushing the boundaries of innovation. We will hire more PhDs and developers to fortify our technology team."
He also mentioned that the investors bring with them enormous experience in supporting and building world-class products and they come with patient capital.
Varsha Tagare, Sr. Director, Qualcomm Technologies, Inc., and Managing Director at Qualcomm Ventures, said, “We’re excited to invest in Locus to enable logistics as a service and support their journey to become a global last-mile automation leader."
“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,” added Nishanth.
Additionally, Amrish Rau, CEO of Pine Labs; Kunal Shah, CEO of CRED; Raju Reddy, Founder of Sierra Atlantic; and Deb Deep Sengupta, former President and MD, SAP South Asia, also participated in the round.
Founded in 2015 by Nishith Rastogi and Geet Garg, Locus has developed a technology platform that uses machine learning and proprietary algorithms to automate complex supply chain decisions. The platform claims to bring in end-to-end supply chain visibility, increase operational efficiency, reduce environmental impact and streamline the customer experience. Locus has built a global presence with seven offices and a client base spread across North America, Europe, Southeast Asia, Middle East, ANZ, and the Indian Subcontinent
In a statement the company said that the fresh funds will be utilized to improve Locus’ geographical reach and build its research and development team to expand the product line.
CEO NishithRastogi said, “Since our inception, we’ve been a strong research-focused company, and this funding will give us more arsenal to continue pushing the boundaries of innovation. We will hire more PhDs and developers to fortify our technology team."
He also mentioned that the investors bring with them enormous experience in supporting and building world-class products and they come with patient capital.
Varsha Tagare, Sr. Director, Qualcomm Technologies, Inc., and Managing Director at Qualcomm Ventures, said, “We’re excited to invest in Locus to enable logistics as a service and support their journey to become a global last-mile automation leader."
“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,” added Nishanth.
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