Supply chain optimization startup Locus has managed to raise $22 million funding from Falcon Edge and Tiger Global Management. The company is looking to expand its footprints further into the North American and Eastern markets.
In the series B funding, investors like Exfinity Venture Partners and Blume Ventures also showed participation. Locus is planning to utilize this funding by growing deeper into new markets and offering customization and hiring terms locally.
As per locus co-founder and CEO Nishith Rastogi, “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.”
The services offered by locus are mainly in Artificial Intelligence such as real-time order tracking, route optimization, dynamic sales plans and automated shipment sorting to the enterprise.
“We believe the trillion-dollar global logistics market is ripe for disruption via technological change, particularly AI and machine learning-driven solutions,” said Navroz Udwadia, co-Founder, Falcon Edge Capital.