Rastogi, a graduate from BITS Pilani, holds a Bachelor's in Electronics and Master's in Economics. He is a published author in the field of experimental physics and has pending patents in Machine Learning. Prior to starting Locus, he was working with Amazon, building algorithms to counter credit card fraud and the science behind the AWS ML product. He is also the co-founder of RideSafe, a women safety initiative that uses cutting edge algorithms to provide a safe commuting experience.
Locus is a state of the art logistics automation platform. Locus helps local companies and enterprises in courier, e-commerce, food delivery, FMCG and other verticals to optimize their logistics. It enables on-demand businesses to dispatch, track and manage their on-field workforce. Locus is currently automating Intra-city logistics for leading enterprises in India, like Urban Ladder, Delhivery, Lenskart, Quikr, Licious, 1MG.
Locus has built proprietary algorithms solving several problems like Load Balancing, Route Optimization and planning, Container Utilization (3D packing). Locus offers a set of infrastructure services making it a complete technology stack for logistics in form of platform as a service. Their technology suite comprises – proprietary route deviation engine, order dispatch automation, capacity optimizer for fleet, field user app, dashboard for operations, live tracking for end-customer, configurable alerts from activities on ground, live reporting and predictive analytics.
Replying to Prasanth Menon of IIFL, Nishith Rastogi, Co-Founder and CEO, Locus said, "India’s logistics industry is worth $300 billion, also the industry aims to grow at a CAGR of 13-15% by 2020 while the Indian markets would grow at an average of 10% year on year. The market currently accounts for around 14% to 15% of India’s GDP on various cost incurred in logistics and transportation operations."
Can you highlight a few notable milestones since the genesis of Locus till date?
In less than 2 years, Locus has made significant progress. Founded in mid-2015 by Geet Garg and Nishith Rastogi, graduates from IIT and BITS Pilani, Locus raised seed round from GrowX Ventures and Manish Singhal in Juy 2015 and was selected in top 3 companies at the Surge pitch stage in 2016.
By May 2016, Locus had raised Series A funding of $ 2.75 mn led by Exfinity Venture Partners with participation from Blume Ventures, BeeNext, Rajesh Ranavat, MD, Fung Capital and other existing investors etc.
It bagged 2 Awards in 2016 – TiE Lumis Partners Entrepreneurial Excellence Award & Disruptive Tech of the year. In latest news, Locus entered the healthcare services segment and disrupted medicine delivery in January 2017.
What was the initial seed funding acquired to kick start the company? Following that, how many times and how much capital did the company raise? Are there any plans in the near future to raise additional capital?
Locus has raised around $ 3 million Seed + Series A. We have recently raised funds so we do not have an immediate need. We have a good run-way for now. Yes, we will be raising funds in the future but not in the short term.
What is the market size of the industry you cater to in India?
At present, India’s logistics industry is worth $ 300 billion, also the industry aims to grow at a CAGR of 13-15% by 2020 while the Indian markets would grow at an average of 10% year on year. The market currently accounts for around 14% to 15% of India’s GDP on various cost incurred in logistics and transportation operations.
What is your current market share as compared to your competitors?
The market potential is huge and there are few players tackling this problem well. We started operations hardly a year ago and are a very technology and product oriented company. Locus has seen good customer traction over the last few months. There is a long way to go.
How does Locus differentiate itself from other 3PL service providers?
We are not a 3PL player. Locus is focussed on increasing efficiency in logistics for any company through automation and technology using our platform.
What efficiency does Locus solutions introduce into a company’s supply chain? How does it improve the overall operations at large in terms of TAT, handling, damage, transport and more?
Locus provides complete automation from the point of dispatch till the order reaches the end customers. Locus’ solutions helps increase your operational efficiency and resource utilisation, reduce costs, and differentiate our clients’ services with superior delivery performance. At the same time, we help you gain full visibility and control over the entire planning & optimization process.
Our powerful dashboard helps clients stay aware of all that is going on with features such as live tracking and intelligent alerts that highlight events that need attention the most. In short, we don’t just tell where your truck is, we tell you where your truck should be!
On utilising Locus solutions, what is the level of cost savings a company can expect?
Some of quantified gains we have achieved for our customers are:
- 25% increase in efficiency and productivity gains in the Furniture Vertical.
- 100% jump in number of orders per vehicle for intra-city C2C deliveries.
- 75% increase in orders per delivery boy in food tech & laundry.
- 8% more customers serviced within SLAs in food-tech companies.
- 15% increase in efficiency in grocery companies.
- 25% reduction in fuel costs in healthcare companies.
We are currently automating Logistics operations for some of the market leaders in various sectors like: Urban Ladder, Lenskart, 1mg, Licious, Quikr, etc.
What are the new innovations in store for your customers?
Locus is currently automating Intra-city logistics operations. However, we are building our platform which will fit into this segment as well.
Please brief us upon Locus’ financials. Also, provide a breakup of revenue earnings from operational segments.
Locus works on a pay per transaction model with no overhead costs. While adopting a pay-as-you-go model, our customers can also subscribe to some value added features on the go. We don't charge any annual or quarterly licensing free. We have a pure transaction based pricing model so that we are aligned with our clients’ business goals. We strongly believe that Locus grows with the customer.
What expansion plans have you undertaken in recent times?
At present, Locus is under various stages of discussions and pilots with various enterprises in India. We are also partnering with companies outside India like Middle East and South-East Asia.
What are your growth plans for the FY17-FY19 period?
At Locus, we have an ambitious goal of scheduling and tracking the world transport movement through automation. We provide companies of any size, access to High-End Logistics compute infrastructure and data science expertise. We are currently growing at 40% MoM and hope to continue this growth rate.