In a series A funding, a logistics management firm Locus.sh hailing from Bengaluru raised fund worth 2.75 millions USD here, on Monday. The series funding was taken up by various venture capitalists firms such as Exfinity Venture Partners along with Blume Ventures, BeeNext, Rajesh Ranavat, Fung Capitals among many others. The sole motto of funding is increasing human resources as well as expansion technologically.
Founded in May 2015 by Nishith Rastogi and Geet Garg, Locus.sh is headquartered in Bangalore, Karnataka. The co-founders of the company graduated from BITS Pilani and IIT respectively. Also, together they were employed by Amazon.in where they learnt machine based technology.
Previously, the company raised fund from GrowX Ventures and Manish Singhal in July 2015 along with participants like Bhupen Shah, Sanjay Mehta and Ankit Pruthi. Locus.sh focuses on helping various enterprises to manage their deliveries technologically which includes automated smart dispatch, tracking, fleet visualization views, proprietary route deviation engine. The clients differ from areas such as courier deliveries, e-commerce, FMCG, Food deliveries. It helps them to build their own logistics tracking with integrating their cluster or customize systems for larger clients.
According to CEO, Nishith Rastogi,According to co-founder and CEO, Nishith Rastogi, there are 25 clients using the platform at present owning a scale of 10,000 to 100,000 transactions daily.Some of them includeDelhivery, Urban Ladder, FreshMenu and Lenskart in the Indian markets.Out of the existing 25, four to five of the clients are international.
The co-founders of the company believes that focusing on cracking the market and create high end algorithms and systems so as to take a good care of business procedures. The firms might offer performance based on excellence. Also, the respective firm charges per transactions with no extra costs. The payment goes anywhere from Re.1 to Rs.10 per transaction. The pay-as-you-go model helps clients to have faith and enjoy other value added service at very first place.
According to ex-CFO of Infosys and Chairman of Exfinity Venture Partners, Balakrishnan V,This provides an opportunity to solve these problems in a fundamentally different way using algorithms with greater opportunity for optimization. The Locus solution is built by factoring real world fuzziness to support iffy networks, inaccurate addresses and hundreds of other exception scenarios. It can also club orders in real-time re-routing to maximize throughput. This makes us excited about this investment.
He joined Locus.sh through the investments made to the firm and explains as that infrastructure, technology and innovative services in logistics sector would reduce costs as per providing A-class business solutions. The logistics company is currently to strengthen its anomaly detection feature for orders. It would help customers make wiser and uniform decisions.
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Market Researchers believe that the logistics sector has value worth $300 billions and increase by 12.17% by 2020. The firm is planning to include more members to escalate its product, technology and engineering teams. There are many firms worldwide who are dependent on logistics firms like the above due to which innovation is must as it leads to better demands and faster services.
One of the e-commerce giants, Flipkart invested in MapMy India, Blackbug, Qikpod as logistics partners. In fact the company come up with better solutions in logistics sector as it has decided to invest $2.5 billions in near future of 5 to 6 years.
Rising and shining, the logistics industry is worth millions of billions and is emerging as one of the most business solution providers worldwide. To improve outreach the end users, most of the firms are seeking help of such logistics partners for better qualitative service.