Locus, Bangalore based Logistics Management Startup has raised $2.75 Million in Series A round. The round was led by Exfinity Venture Partners and it also saw participation from Blume Ventures, BeeNext and Rajesh Ranawat (Fung Capital), along with the existing investors. With this investment, Balakrishnan V, Chairman Exfinity, has joined Locus as a board member. The raised funds will be used to strengthen the technology and expand the team.
Locus was founded in 2015 by Nishith Rastogi and Geet Garg. It is a startup based on machine learning and the main aim is to simplify the logistic solutions. It has developed the algorithms to simplify things related to Logistics in sectors like hyper-local delivery, intercity logistics, tracking, automated dispatch, geocoding etc.
Talking on this development, Nishith Rastogi, CEO – Locus said that Logistics is one of the key challenges faced by enterprises along with supply chain, delivery and warehouse management. He further added that Locus has built reliable and secure algorithms and system to make Logistics better and smooth for them.
Locus has also developed an app called RideSafe, powered by the Realtime Route Deviation Detection Engine. This algorithm takes into consideration few of the factors such as acceptable routes, traffic and suggests the best available route for the delivery. It helps companies in various segments to simplify the logistics. Some of the main customers of Locus include Urban Ladder, Delhivery.
Prior to this, the startup had raised an undisclosed amount of funding from Manish Singhal and GrowX Ventures.