Logistics startup Locad raised $11 million in Series A led by Reefknot Investments, a fund led by Temasek and Kuehne & Nagel where existing investors Sequoia India’s Surge, Febe Ventures, Antler, and new investors–Access Ventures, JG Summit and WTI also participated.
Locad provides ecommerce brands with a cloud supply chain that allows them to grow their omnichannel business by automatically storing, packing, shipping, and tracking orders across the Asia-Pacific region. Locad plans to use the additional funds to expand its product development and hire talent across India and Asia-Pacific (APAC). It will also invest in expanding its fulfilment network. Currently, the startup is expanding its warehouse capacity, partnering with transport operators, and hiring talent for its Bengaluru office. According to Statista, the country’s supply chain market is expected to be worth $250 billion in fiscal year 2021. The industry is expected to be worth $380 billion by 2025, with a CAGR of 10-12% over the forecasted period.
