Locad raises $11M Series A funding led by Reefknot Investments
Logistics engineon Monday said it raised $11 million in a Series A funding round led by Reefknot Investments—a fund anchored by Temasek and logistics powerhouse Kuehne & Nagel.
The round also saw participation from returning investors Sequoia India and Southeast Asia’s Surge, Febe Ventures, Antler, and new investors Access Ventures, JG Summit, and WTI.
Founded in 2020, logistics startup Locad is enabling ecommerce brands with a cloud supply chain to grow their omnichannel business and automatically store, pack, ship, and track orders across Asia-Pacific.
The Singapore-based logistics startup will use the capital for its product development and build a talent pool in India. It 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.
“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,” said Shrey Jain, CTO and Co-founder, Locad.
In 2021, Locad raised $4.9 million in a seed round led by Sequoia Capital India’s Surge, with participation from Antler, Febe Ventures, Foxmont, Global Founders Capital, Gokongwei Family, and Hustle Fund.
The company claims to have served over 200 brands across Singapore, the Philippines, Thailand, Hong Kong, and Australia and made more than two million transactions.
“Locad’s unique operating model of localising 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," said Ervin Lim, Vice President of Reefknot Investments.
"We believe that Locad’s logistics engine will spur greater participation in the digital economy as consumers outside of Tier I cities can now receive their orders 2-3X faster at a fraction of the usual cost,” he added.
Edited by Suman Singh