Logistics tech startup Locus raises $50 million in funding led by GIC

In all, buyers have infused about $80 million into the agency (Consultant picture)

Locus, a logistics tech start-up, on Wednesday stated it has raised a recent $50 million in funding led by Singapore-based GIC. The funding, a part of the corporate’s Sequence C monetary spherical, additionally noticed participation from Qualcomm Ventures, current buyers Tiger World and Falcon Edge, and a clutch of angel buyers together with Amrish Rau, CEO of Pine Labs, and Kunal Shah, CEO of Cred.

In all, buyers have infused about $80 million into the agency.

The corporate will use the funds to reinforce its geographical attain and construct its analysis and improvement crew to assist increase the product line, it stated in a press release. Locus makes use of machine studying and algorithms to automate provide chain selections. The agency has shoppers throughout the Indian subcontinent, North America, Europe and Southeast Asia.

The agency claims that its options have resulted in financial savings of over $150 million in logistics prices and decreased distance travelled by greater than 70 million km for shoppers throughout sectors together with e-commerce, retail, residence companies and business-to-business (B2B) distribution.

“We might be recruiting extra PhDs in our information science crew and want to double our patents by 2022,” stated CEO Nishith Rastogi.