Artificial Intelligence (AI) backed supply chain optimization start-up Locus recently raised $22 million from Falcon Edge Capital and Tiger Global Management in series B funding round. Nishith Rastogi, CEO of the company explains the significance of the fresh capital access in taking the company’s operations to the next level in a brief chat with Ritwik Sinha …
This fresh fund infusion of $22 million, is it a major shot in the arm for Locus?
Locus is on an unprecedented path to automate every possible decision in the supply chain. The funding will act as a boost to our global expansion efforts as we amplify our team size specifically in North America and continue to build our IP.
How do you intend to utilize this fund to support your drive to scale up ?
Historically, we’ve spent disproportionately more on developing and building new products than most of our competitors, and we intend to continue that. This funding will go straight into building solutions at a pace that the world is yet to see from us. Our customers would be the biggest beneficiaries as new features, and intellectual property would be added to our products, with increased velocity.
In terms of vertical specialization, what kind of client portfolio have you built so far? Are you looking at expansion of your vertical portfolio?
Locus is solving complex logistics problems for 40+ medium to large enterprises including Myntra, Blue Dart, Bigbasket, Urban Ladder, Licious, Rollick, and Lenskart, to name a few. Over the past few years, Locus has achieved a peak of 1 million orders processed in a day (200,000 orders an hour). Locus is expanding its breadth and depth of product and sales reach, moving from route optimization to a full-stack SaaS offering to the enterprise around its logistics needs.
Have you also developed a basket of international customers? Does this funding open doors for reaching out more swiftly in the international markets?
Our operations have expanded to 75 cities across the globe. Locus is expanding to North America and Southeast Asia, including Singapore, Malaysia, Indonesia, and Vietnam. We have offices in India, US and Indonesia and dedicated local teams for these regions.
The funding has happened just at the beginning of the new fiscal. So how do you intend to up the ante in the near run? Any specific milestone you will be chasing in 2019-20?
As mentioned above, a major part of the fund will go in international expansion, including hiring local talent from our new regions of operations.