Logistics Startup Locad Raises $11 Mn In Series A Round
Logistics startup Locad has raised $11 million in a Series A funding round led by Reefknot Investments, a fund anchored by Temasek and logistics powerhouse Kuehne & Nagel.
Returning investors Sequoia India and Southeast Asia’s Surge, Febe Ventures, Antler, and new investors Access Ventures, JG Summit, and WTI, also participated in the funding round.
As per the startup, the raised funds will be used for product development and building a talent pool in India. The startup also plans to expand its supply chain platform that allows modern consumer brands in Thailand and across Asia-Pacific to automatically store, pack, ship, and track orders in a distributed, end-to-end supply chain as-a-service.
Locad | Logistics Engine For E-commerce Brands
Co-founded by Shrey Jain, Jannis Dargel and Constantin Robertz in 2020, Locad is a logistics startup that is enabling e-commerce brands with a cloud supply chain, helping them grow their omnichannel business and automatically store, pack, ship, and track orders across Asia-Pacific.
Speaking about the development, Shrey Jain, CTO and Co-founder of Locad, said,
“Tech and data are at the heart of what we’re building here at Locad. To realise this, we’re doubling down on our hiring efforts in key locations such as Bengaluru, where we have a strong team of developers and marketers helping grow the product and business end-to-end.”
The platform syncs inventory across sales channels such as Lazada, Shopee, Shopify, and TikTok Shop and orchestrates end-to-end order fulfillment for B2C and B2B orders, from storage to delivery, through a network of warehouses and shipping partners.
In 2021, the logistics startup raised $4.9 million in a seed funding round led by Sequoia Capital India’s Surge, with participation from Antler, Foxmont, Global Founders Capital, Febe Ventures, Gokongwei Family, and Hustle Fund.
Commenting on the development, Ervin Lim, Vice President of Reefknot Investments, said,
“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.”
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