Logistics Startup Locus Raises $2.75million from Exfinity Venture Partners
Bangalore-based Locus, logistics management startup, has raised $2.75 Million (INR 18.3 Crore) in Series A funding led by Exfinity Venture Partners.
Other investors who participated in the round were Blume Ventures, BeeNext and Rajesh Ranavat, MD of Fung Capital along with its existing investors.
The funding will be used to strengthen its technology offerings and expand the team.
Locus ,founded by BITS-Pilani-Goa alumnus Nishith Rastogi and IItian Geet Garg,helps local companies and enterprises in courier, e-commerce, food delivery, FMCG and other verticals to optimize their logistics. The startup offers two capabilities to clients – to Build – using a cluster of APIs, to enable developers embed it into their apps, and track delivery using Locus’ platform, and to Customize, that large clients can brand for themselves.
The firm offers its technology stack to customers on a PAAS (platform as a service) model, which enables dispatch, route optimisation, tracking, managing on-field workforce, SMS alerts for end users and calculating ETAs (estimated time of arrival), among other things.
“Supply chain, delivery and logistics are critical challenges and key to competitive advantage for enterprises. We at Locus have created high-end algorithms & systems, unlike any existing solution, to take care of this problem so businesses can focus on offering their customers a delightful experience,” said Nishith Rastogi, co-founder and chief executive officer, Locus.
Locus claims it has multiple large enterprise customers such as food-delivery services, laundry pickup services and e-commerce players. Online furniture marketplace Urban Ladder, an early adopter, says it realised a 25% increase in productivity in three months, using Locus’ solution.
Speaking on the investment, Balakrishnan V, chairman, Exfinity Venture Partners said,
The Locus solution is built by factoring real world fuzziness to support iffy networks, inaccurate addresses and hundreds of other exception scenarios. It can also club orders in real-time re-routing to maximize through-put.
Earlier this year Locus had launched a safety app called Ridesafe, for iOS and Android, which is powered by Realtime Route Deviation Detection (R2D2) engine developed by them. The app monitors a passenger’s travel route and alerts if a driver deviates from the intended route, all the while taking into account for for alternate routes, traffic detours and several such factors.
“It all started with a women safety app and now they are moving strongly into providing an effective and user friendly tech solution to B2B logistics solutions & delivery companies,” said Manish Singhal who co-led the investment round.
Logistics, among other key elements, will play a crucial role in determining leaders and profitability in the fast growing e-commerce space in India. Online retail sales could touch between $48 billion and $60 billion by 2020 from $4.47 billion in 2014, according to a report by financial services firm UBS Group AG in April last year.