a place, An Indian startup using artificial intelligence to help companies draw its logistics, raised $ 22 million in category B funding to expand its operations in international markets.
The company's financing round was four years ago under leadership Falcon Edge Capital And Global Tiger Management . Current Investors Exfinity Venture Partners Bloom Ventures Also participate in the tour. Nishith Rastuji, co-founder and CEO of Lucos, said the startup had raised $ 29 million so far. Tech Crunch In an interview.
Site works with companies that Operating in FMCG, logistics, and e-commerce spaces. Among its clients are Tata Group, Myntra, BigBasket, Lenskart and Bluedart. It helps these clients automate their logistics workload – tasks such as planning, organizing, moving and tracking inventories, and finding the best way to reach the destination – which usually requires intensive human labor.
"One representative of Lenskart is visiting a house or an eye examination office, and suddenly two other people are checking their eyes," said Rastuji, "the representative can attend these two potential new clients, or finish things with the first customer."
Locus searches for past customer data, identifies patterns, and automates this type of decision on a large scale. In a common example Earlier with TechCrunchRastogi talked about how Locus built a scanner for e-commerce companies to measure products.
Rastogi said he would use the new capital to develop products and expand Locus in the markets of Southeast Asia and North America. The emerging company says half of the 110 people are outside India. Half of the IP you created and the revenue you earn comes from its team outside of India.
He said that the emerging company spent the last few quarters studying these international markets, and secured some key customers to expand the business. "Locus is profitable from an operational point of view and any additional capital expands its business.
Logistics market in India has long been Full of challenges. There are a growing number of startups, including BlackBuck – that Raised $ 150 million last week – appeared in recent years to address these problems.
The new financing also illustrates the new Tiger Global Management strategy for the Indian market. VC Fund, which invested in B2C business Flickrart In India, a number of investments in B2B start-ups have taken place in recent months. Last month, it invested $ 90 million in Ninjacart to start the agriculture supply chain. Weeks later, the company introduced a cloud-based solution provider Zenoti 50 million dollars.