Company Name : Locus
Funding Amount : $2.5mn
Investor(s) Exfinity Venture Partners, Blume Ventures. BeeNext. Rajesh Ranavat
Funding Round : Series A
Logistics management platform, Locus has raised $2.75mn 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.
Locus enables enterprises with technology to manage their deliveries, with features including, automated smart dispatches, tracking, and fleet visualization, proprietary geocoder and proprietary route deviation engine.
The funding will be used to strengthen its technology offerings and expand the team.
Locus helps local companies and enterprises in courier, e-commerce, food delivery, FMCG and other verticals to optimize their logistics. The startup offers two capabilities to clients – to Build – using a cluster of APIs, to enable developers embed it into their apps, and track delivery using Locus’ platform, and to Customize, that large clients can brand for themselves.
Balakrishnan V, Chairman, Exfinity Venture Partners and ex CFO of Infosys, joins the Locus board.
Nishith Rastogi, Co-founder & CEO, Locus, adds, “Supply chain, delivery and logistics are critical challenges and key to competitive advantage for enterprises. We at Locus, have created high-end algorithms & systems, unlike any existing solution, to take care of this problem so businesses can focus on offering their customers a delightful experience.”
Locus provides solutions for on demand businesses for dispatching, route optimization, real-time driver tracking, managing the on-field workforce, mobile messaging, ETAs, tracking and sms alerts for end-customers and predictive analytics. The company offers the entire logistics technology stack in the form of a PAAS (platform as a service).
Locus was founded mid last year, by Nishith Rastogi (BITS Pilani alumnus) and Geet Garg (IIT Kharagpur alumnus), who worked together at Amazon, and has emerged from RideSafe, an app they built over a route deviation engine for travel safety for women.