[Funding alert] Location analytics startup Locale.ai raises undisclosed amount from Better Capital and angels
Bengaluru-based location analytics startup Locale.ai on Monday announced that it has raised an undisclosed round of funding led by Better Capital, with participation from notable angels such as Myntra and Nudgespot co-founder Raveen Sastry, and Fusion Charts co-founder Pallav Nadhani in a pre-seed round.
Rishabh Jain and Aditi Sinha started Locale.ai in 2019 to help companies with moving assets (goods, delivery partners, sales partners, vehicles, etc.), increase revenues, and get more sustainable demand using real time location data and analytics.
Aditi Sinha, co-founder of Locale.ai, said,
“We help companies decrease their customer acquisition cost by expanding in areas based on latent demand, reduce user churn by providing better SLAs in locations where they drop-off and increase existing customer revenue by doing geo-targeting based on users they move and where they order from.”
Since the Covid-19 outbreak, online delivery has been powering the world and location analytics has become the need of the hour for last-mile delivery. Locale.ai claims to have seen a huge spike in demand from food, grocery, and medicine delivery companies who want to reach their customers as soon as possible and get to 100 percent booking fullfitment.
The startup has established partnerships with data vendors to help companies overlay granular external data such as mobility patterns in a city, traffic, weather on top of their internal data to get more robust insights.
“Location is at the core of the strategies that companies use to capture demand and Locale is the fastest way for any company to convert location data into easily searchable intelligence and the right insights,” said Vaibhav Domkundwar of Better Capital, a seed fund with early bets in category defining businesses like Open, Khatabook, Bijak, Yulu and others.
Locale.ai is already working with mobility and delivery companies in the US, France, Argentina, and India. The funding will be utiliaed to scale and expand globally, primarily in the US.
Today, the startup is ingesting around one million location events per day, and claims to increase the user conversion percentage by 3x and asset utilisation rate by 35 percent using granular and targeted geo-promotions and provisioning supply in the right locations. The company also said that it has made the integrations really simple so that companies can get up and running in a span of a couple of hours.
Edited by Megha Reddy