Funding Alert

Logistics startup Locad raises $11 million in Series A funding

• ByStartupStory     |    January 16, 2023

Locad, a logistics startup announced on Monday that the company has raised $11 million in a Series A funding round led by Reefknot Investments, a fund anchored by Temasek and logistics firm Kuehne & Nagel.

In the funding round Sequoia India and Southeast Asia’s Surge, Febe Ventures, Antler, as well as new investors Access Ventures, JG Summit, and WTI also participated.

The company said in a statement that The $11 million will be used towards boosting the company’s product development and talent pool in India and across Asia-Pacific. Hence, expand its supply chain platform.The company is adding warehouses, partnering with transport operators, and hiring talent for their Bangalore office.

Shrey Jain, Locad CTO and co-founder stated “Omnichannel commerce demands a powerful logistics infrastructure in order to succeed. And that infrastructure is not only made of an interconnected network of warehouses and shipping carriers but also the precise data that reflects the movement of goods in that supply chain.Tech and data are at the heart of what we’re building here at Locad. To realize this, we’re doubling down on our hiring efforts in key locations such as Bangalore where we have a strong team of developers and marketers helping grow the product and business end-to-end.”

Ervin Lim, vice president of Reefknot Investments also commented “Locad’s unique operating model of localizing warehouses into the cities ensures that inventory is kept close to the customers thereby enabling significant cost and time savings for both brand and consumer. We believe that Locad’s logistics engine will spur greater participation in the digital economy as consumers outside of Tier-1 cities can now receive their orders 2-3x faster at a fraction of the usual cost.”

About Locad:

Singapore-headquartered Locad provides a cloud supply chain for Asia-Pacific brands to store, pack, ship, and track orders for e-commerce and omnichannel retail through a tech platform connecting a network of warehouses and shipping partners.

The company has served over 200 brands across the Philippines, Thailand, Hong Kong, and Australia, and shipped more than 2 million transactions. The company’s logistics engine supports brands such as Levi’s, Reckitt Benckiser, and Emma Sleep in the region, while also expanding access to logistics infrastructure to growing D2C and mid-market merchants.

 

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