Locus raises $50 million from GIC, Qualcomm, others

BENGALURU: Logistics startup Locus has raised $50 million in series C funding led by Singapore’s sovereign wealth fund GIC. Qualcomm Ventures, and existing investors Tiger Global and Falcon Edge and a bunch of angel investors – Amrish Rau, CEO of Pine Labs, Kunal Shah, CEO of Cred, Raju Reddy, founder of Sierra Atlantic, and Deb Deep Sengupta, former president & MD, SAP South Asia – have also invested. The company has previously raised $30 million across multiple rounds.
Locus uses machine learning and proprietary algorithms to offer supply chain solutions to customers. The company says its solutions have resulted in $150 million savings in logistics costs, 70 million-km reductions in distance traveled, and 17 million kilograms reduction in GHG emissions for clients in e-commerce, retail, e-grocery, FMCG, home services, and a host of others.
Locus will deploy the funds to expand…

Source link