Locus Secures $50 Million in Series C Funding Round

Bengaluru-based logistics startup Locus has successfully raised $50 million in its Series C funding round, led by Singapore’s sovereign wealth fund, GIC. The infusion of fresh capital aims to fuel the company’s expansion efforts, including team augmentation, geographical expansion, and product portfolio enhancement.

Doubling Patents and Data Science Team Expansion

Locus CEO, Nishith Rastogi, revealed plans to double the company’s patent count by 2022, alongside expanding its data science team by recruiting more PhDs. Currently, Locus holds 10 patents and aims to add another 10 within the next year. Leveraging India’s liberalization of geospatial data, the company seeks to bolster innovation in its offerings, which heavily rely on data-driven insights.

Leveraging Geospatial Data for Custom Mapping Solutions

With access to a plethora of data spanning sectors like e-commerce, FMCG, and e-grocery, Locus plans to develop forward-looking custom maps tailored to specific client requirements. Utilizing mapping algorithms, the startup optimizes supply chain routes to minimize distances, necessitating accurate geospatial data, which has become accessible in India since the government’s data-sharing guidelines in February 2021.

Innovation Beyond Mapping

In addition to mapping solutions, Locus is diversifying its product lineup to address various logistics challenges comprehensively. One such product, NodelQ, launched in April 2021, focuses on optimizing goods movement, stock levels, and identifying locations to bridge supply-demand gaps. To drive innovation and develop more solutions like NodelQ, Locus intends to bolster its data science capabilities through increased recruitment.

Global Expansion Initiatives

Already operational across three continents, Locus has a presence in seven countries, including India, the US, the UK, and Singapore, with operations spanning North America, Southeast Asia, Europe, and the Indian subcontinent. With plans to expand further, particularly in Latin America, the company aims to strengthen its global footprint and broaden its market reach.

Diverse Investor Participation

The Series C funding round witnessed participation from notable investors, including Qualcomm Ventures, Kunal Shah (CEO of CRED), and Amrish Rau (CEO of Pine Labs), alongside existing investors Tiger Global and Falcon Edge. With a cumulative external funding of $30 million, Locus continues to garner support from prominent investors as it embarks on its journey of innovation and expansion in the logistics domain.