Locad raises $11M Series A funding to expand network
16th January 2023, Bengaluru: Logistics engine Locad is today announcing it has raised an $11M Series A funding round to expand their 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. The round was led by Reefknot Investments, a fund anchored by Temasek and logistics powerhouse Kuehne & Nagel.
Locad’s platform, dubbed the logistics engine, was largely built by their tech and engineering team in India which syncs inventory across sales channels and orchestrates end-to-end order fulfillment for B2C and B2B orders, from storage to delivery, through a network of warehouses and shipping partners. To date, Locad has served over 200 brands across Singapore where they’re headquartered, the Philippines, Thailand, Hong Kong, and Australia, and shipped more than 2 million transactions while maintaining a 99% same-day order fulfillment rate.
“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.” says Locad CTO and Co-founder Shrey Jain. “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.”
The series A funding round also saw participation from returning investors Sequoia India and Southeast Asia’s Surge, Febe Ventures, Antler, as well as new investors Access Ventures, JG Summit, and WTI.
“We are excited to partner with Locad to bring holistic end-to-end e-commerce logistics solutions to brands across Asia Pacific.” shares Ervin Lim, Vice President of Reefknot Investments, “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.”
Locad’s logistics engine provides the backbone to support the e-commerce and omnichannel growth of global consumer brands such as Levi’s, Reckitt Benckiser, and Emma Sleep in the region, while also expanding access to best-in-class logistics infrastructure to growing D2C and mid-market merchants.
“Success in omnichannel commerce for modern consumer brands requires a powerful supply chain orchestrated by software that seamlessly integrates the infrastructure of warehouses and shipping carriers. And that’s what we’re building here at Locad” added Locad CEO and Co-founder Constantin Robertz.
Committed to democratizing the back-end supply chain of (e)-commerce, Locad will use its $11M Series A funding towards building the region’s largest fulfillment network. The company is adding warehouses, partnering with transport operators, and hiring talent for their Bangalore office.