Locus, an up and coming logistics management platform, has managed to land $2.75 million (Rs 18.3 crore) in its Series A funding round led by Exfinity Venture Partners. The company plans to use the funds to strengthen its platform and expand its team.
Other participants to the round include Blume Ventures, BeeNext and Rajesh Ranavat, MD of Fung Capital.
Locus, for those who are unaware of what the company has been doing, is the brainchild of BITS-Pilani alumnus Nishith Rastogi and IItian Geet Garg, and has developed a solution aimed towards helping on-demand business dispatch, track and manage their on-field workforce.
So basically, the company provides platform-as-a-service based UberX like solutions, which can help its clients set up businesses that require services like route optimization, real-time driver tracking, mobile messaging, expected time of arrival, tracking and SMS alerts for end-customers along with predictive analytics.
The company raised its angel round back in July when it received an undisclosed amount of funding from Growx Venture’s Manish Singhal, Bhupen Shah, Sanjay Mehta, and Ankit Pruthi among others.
Speaking on the topic, Nishith Rastogi, CEO, Locus said,
Supply chain, delivery and logistics are the critical challenges and key to competitive advantage for enterprises. We at Locus have created high-end algorithms and systems.
Speaking on the investment, Balakrishnan V, chairman, Exfinity Venture Partners said,
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 through-put.
The company’s roster of clients includes prominent names like Urban Ladder, Delhivery, Lenskart and FreshMenu. It’s services have relevance in a variety of fields including courier, eCommerce, food delivery and other fields that require heavy logistics. The best thing about Locus is the cluster of embeddable APIs it offers, that can be taken by developers and integrated into their own company’s applications so as to significantly enhance its capabilities. So,for a fees for its services, Locus is capable of setting you up with your own Ola or Uber — or at least with the technical infrastructure required.
The company also offers Ridesafe for iOS and Android, which — powered by Locus’s proprietary Realtime Route Deviation Detection (R2D2) engine — monitors a passenger’s travel route and alerts him/her/someone else, if the driver deviates from the intended route and from a set of allowed alternative routes.