GIC leads $50 Mn Series C round in Locus

Business-to-business (B2B) logistics optimisation company Locus has scooped up $50 million in its Series C round led by Singapore’s sovereign wealth fund GIC. Qualcomm Ventures, existing investors Tiger Global and Falcon Edge, and angel investors including Amrish Rau and Kunal Shah also participated in the round.

Tiger and Falcon had led a $20 million Series B round in the company in May 2019.

This takes the total funding to date in Locus to $80 million and according to Entrackr’s sources, it has raised the fresh capital at around $300 million valuation. The company was valued at around $100 million during its Series B round.

Locus will majorly use the funds for improving geographical reach and building its research and development team to expand the product line, the company said in a statement.

Locus uses deep machine learning and proprietary algorithms to offer smart supply chain solutions to customers. It offers services such as route optimization, real-time order tracking, dynamic sales plans among others and works with firms operating in FMCG, logistics and e-commerce spaces like Myntra, BigBasket, Licious, Lenskart and Bluedart. 

Besides India, the six-year-old company led by Nishith Rastogi and Geet Garg works with clients across North America, Southeast Asia and Europe.

According to the company’s website, it has recorded more than 250 million orders on the platform and has a presence in 400 cities.

India has seen a couple of big rounds in the logistics space in the past month. While FarEye raised $100 million in its Series E round led by TCV and Dragoneer Investment Group, IPO-bound Delhivery raked in a $277 million round.

It’s worth noting that GIC had also invested $75 million in Delhivery’s last round. Entrackr had exclusively reported the development on May 30.