Logistics management software startup, Locus has raised $22 million in a Series B round led by Tiger Global Management and Falcon Edge Capital, the startup said on Monday. Previous investors Exfinity Venture Partners and Blume Ventures also took part in this round.
Mint first reported on 29 April that the New York-based investment firm is likely to invest in as many as five SaaS (software-as-a-service) companies in India in May including Locus, highlighting Tiger’s renewed interest in the Indian startup ecosystem, albeit on the software-as-a-service (SaaS) side this time.
Locus currently automates human decisions required to transport a package and aims to increase axes of efficiency, consistency, and transparency in operations. Its solutions include route optimization, real-time tracking of orders, analytics and automated shipment sorting. Locus last raised $4 million in June last year led by Rocketship.vc, Recruit Strategic Partners, pi Ventures, and Hemendra Kothari of DSP Group.
Tiger’s renewed interest has seen it invest in more than half a dozen business-to-business startups in the last six months, including an $89 million round in Ninjacart, B2B platform for farm produce. The company also led a $50 million round last week in Zenoti, provides software for salons and spa chains across 44 countries.
In the last six months, it has also invested in software startups such as Fyle, Facilio and CleverTap. SaaS firms generally provide software that is accessed online via a subscription, rather than bought and installed on individual computers.
These indicate a marked shift in Tiger’s approach, as it moves away from the consumer-centric approach of 2011 to 2015 when it invested in consumer internet firms such as Ola, ShopClues and Hike, apart from Flipkart.
“Locus provides autonomous supply chain optimization thus minimizing the dependency on human intelligence, built by an incredible team of PhDs & Engineers,” said Nishith Rastogi, co-founder and CEO, Locus.
“Our company 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 (intellectual property),” he added.
Falcon Edge Capital, another New York-based fund, has shown more interest in India in recent times.
This article was first published on livemint.com