The company is about a year-old and Locus will use the money to boost technology and hire additional team members
Bangalore-based logistics optimisation platform Locus announced today it has raised a US$2.75 million Series A led by Exfinity Venture Partners.
Other participating investors included Blume Ventures, BeeNext and Fung Capital managing director Rajesh Ranavat. Existing investors also participated in this round.
The money will be used to enhance the company’s technology and expand the team. Exfinity Founder and Chairman V. ‘Bala’ Balakrishnan will be joining the Locus board as part of the arrangement.
“The logistics industry in India is evolving rapidly and it is the interplay of infrastructure, technology and new types of service providers that will define whether the industry is able to help its customers reduce their logistics costs and provide effective services,” he said in an official statement.
Locus is essentially a logistics management company that offers automated smart dispatches, tracking and fleet visualisations, geocoding technology as well as a route planning engine.
Locus offers two services to clients — to build and to customise — with the goal of bringing clarity to companies operating in logistics, which is often considered an opaque industry in India.
‘Build’ leverages a cluster of APIs to help companies embed the service into their app so deliveries can be tracked using the Locus platform.
‘Customise’ gives large clients the ability to tailor-make the service for their needs and allows them to brand the service.
“Supply chain, delivery and logistics are critical challenges and key to competitive advantage for enterprises. We at Locus, have created high-end algorithms and 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 CEO of Locus, in an official statement.
Locus is a young company, having been founded about a year ago by Rastogi and Geet Garg, who worked together at Amazon. The early genesis of the technology was the duo’s earlier startup called RideSafe, which was targetted at improving safety for women by alerting passengers if a driver deviated from the intended route.
Locus raised an undisclosed seed round from growX, Bhupen Shah, Manish Singhal, Amit Ranjan and others in July 2015.
In December 2015, Exfinity participated in a US$5 million Series A round into Shotang, a Bangalore-based B2B e-commerce company.
Image Credit: Locus
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