Logistech Solutions Pte Ltd, which runs logistics startup Locad has raised $11 million (Rs 90 crore) in a Series A round, led by Reefknot Investments, a joint venture by Temasek Holdings and logistics firm Kuehne + Nagel. The round also saw participation from existing investors Sequoia’s Surge, Febe Ventures, Antler, Access Ventures and JG Summit. Shrey Jain, co-founder and chief technology officer at Locad, told VCCircle that the fresh proceeds will be deployed to boost growth, which includes investing in marketing, brand building and networking, as well as acquiring customers on the enterprise side.
“We always have been focussed on maintaining at least up to three years of runway with the cash that has been raised,” Jain said. Founded by Jain, Constantin Robertz and Jannis Dargel in 2020, Locad enables e-commerce brands with a cloud supply chain to grow their omnichannel business. So far, the company claims to have served over 200 brands across Singapore, Philippines, Thailand, Hong Kong, and Australia and shipped more than two million transactions while maintaining a 99% same-day order fulfilment rate.