May 09, 2016: Locus, a Bengaluru based logistics management platform has raised $2.75 million in Series A funding led by Exfinity Venture Partners with participation from Blume Ventures, BeeNext and Rajesh Ranavat (MD, Fung Capital). Existing investors also participated in this round.
Enabling enterprises with technology to manage their deliveries, Locus has built its proprietary geocoder and route deviation engines that are necessary for fulfilling on-demand logistics with features including automated smart dispatches, tracking and fleet visualisation, geocoding and route deviation engine. The funding will be used to strengthen its technology offerings and expand the team.
The CEO of Locus, Nishith Rastogi said, “Supply chain, delivery and logistics are the critical challenges and key to competitive advantage for enterprises. We at Locus have created high-end algorithms and systems”.
Locus helps local companies, enterprises and startup customers like Urban Ladder, Delhivery and Freshmenu in courier, ecommerce, food delivery, FMCG and other verticals to optimize their logistics. The startup offers the clients to build using a cluster of APIs, to enable developers embed it into their apps, track delivery using Locus’ platform and to customize that large clients can brand for themselves.
Locus had raised its seed investment in July last year from growX Ventures; and angel investors Bhupen Shah, Manish Singhal and Amit Ranjan also participated in the series A round.
Platform as a service Locus provides PaaS (platform as a service) solutions for on demand businesses for dispatching, route optimisation, real-time driver tracking, managing on-field workforce, mobile messaging, ETAs, tracking and sms alerts for end-customers and predictive analytics. Urban Ladder, an Online furniture marketplace and an early adopter, says it realized a 25% increase in productivity in three months, using Locus’ solution.
“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 throughput,” said Balakrishnan V , chairman, Exfinity Venture Partners.
