Artificial Intelligence-based Logistics start-up Locus raises $22 Million, in a round led by Tiger Global, and Falcon Edge. The Series B round of funding was also joined by Exfinity Venture Partners and Blume Ventures. After this round, the company would have raised $28 million thus far. The deal will push up the valuation of the company to $100 million.
Founded by BITS Pilani and IIT Kharagpur alumnus, Nishith Rastogi and Geet Garg respectively, way back in 2015. Locus is a supply chain optimisation company that uses deep learning and proprietary algorithms to provide real-time tracking, route optimisation, efficient warehouse management, analytics, sales journey plans, vehicle allocation, and efficient warehouse management.
The conversation with Falcon Edge started in November 2018, while Tiger Global was taken on board in 2019. The two founders are however the majority stakeholders in the company. They already have big names like Blue Dart on board, among others, while the platform clocks in a double-digit growth figure.