<ul><li><keyword id="16070237" type="General" weightage="100" keywordseo="locad" source="Orion">Locad</keyword> provides a cloud supply chain for Asia-Pacific brands to store, pack, ship, and track orders for e-commerce and omnichannel retail. </li><li>The $11 million funding will be used towards boosting the company’s product development and talent pool in India and across Asia-Pacific region. </li><li>Returning investors Sequoia India and Southeast Asia’s Surge, Febe Ventures, Antler, as well as new investors Access Ventures, JG Summit, and WTI also participated in the round. </li></ul>Logistics startup Locad on Monday said it has raised $11 million in a Series A funding round to expand its supply chain platform. The round was led by <keyword id="16072607" type="General" weightage="80" keywordseo="reefknot-investments" source="Orion">Reefknot Investments</keyword>, a fund anchored by Temasek and logistics firm Kuehne &amp; Nagel. 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. Singapore-headquartered Locad provides a cloud supply chain for Asia-Pacific brands to store, pack, ship, and track orders for e-commerce and omnichannel retail through a tech platform connecting a network of warehouses and shipping partners. The $11 million will be used towards boosting the company’s product development and talent pool in India and across Asia-Pacific, the company said in a statement. “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. 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,” <keyword id="16072609" type="General" weightage="50" keywordseo="ervin-lim" source="Orion">Ervin Lim</keyword>, vice president of Reefknot Investments said. Locad says it has served over 200 brands across the Philippines, Thailand, Hong Kong, and Australia, and shipped more than 2 million transactions. The company’s logistics engine supports brands such as Levi’s, <keyword id="73803" type="General" weightage="50" keywordseo="reckitt-benckiser" source="Orion">Reckitt Benckiser</keyword>, and <keyword id="16072610" type="General" weightage="50" keywordseo="emma-sleep" source="Orion">Emma Sleep</keyword> in the region, while also expanding access to logistics infrastructure to growing D2C and mid-market merchants. “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,” <keyword id="16072608" type="General" weightage="50" keywordseo="locad-cto" source="Orion">Locad CTO</keyword> and co-founder <keyword id="1733705" type="General" weightage="50" keywordseo="shrey-jain" source="Orion">Shrey Jain</keyword> said. “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 Bangalore where we have a strong team of developers and marketers helping grow the product and business end-to-end,” <keyword id="6367260" type="General" weightage="50" keywordseo="jain" source="Orion">Jain</keyword> added. The company is adding warehouses, partnering with transport operators, and hiring talent for their Bangalore office, Locad’s statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/foreign-investors-pull-out-15000-crore-from-stocks-in-the-first-two-weeks-of-2023/articleshow/97019987.cms">Foreign investors pull out ₹15,000 crore from stocks in the first two weeks of 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/ss-rajamoulis-rrr-bags-2-trophies-at-critics-choice-awards/articleshow/97019707.cms">RRR bags 2 trophies at Critics’ Choice Awards: Best Foreign Language Film &amp; Best Original Song</a>

Logistics startup Locad raises $11 million in Series A funding led by Reefknot Investments

State-run <keyword id="6382063" type="General" weightage="20" keywordseo="Bank-of-Maharashtra" source="Orion">Bank of Maharashtra</keyword> (<keyword id="210405" type="General" weightage="80" keywordseo="bom" source="Orion">BoM</keyword>) on Monday reported a two-fold jump in its standalone profit after tax (PAT) at Rs 775 crore in the quarter that ended December 2022 due to improved asset quality. The Pune-based bank had posted a net profit of Rs 325 crore in the same quarter a year ago. The bank's total income increased to Rs 4,770 crore in the latest December quarter from Rs 3,893 crore in the year-ago period, BoM said in a regulatory filing. On the asset quality front, the bank recorded an improvement with gross <keyword id="127693" type="General" weightage="50" keywordseo="npas" source="Orion">NPAs</keyword> (<keyword id="6401657" type="General" weightage="20" keywordseo="non-performing-assets" source="Orion">Non-Performing Assets</keyword>) declining to 2.94 per cent, as compared to 4.73 per cent at the end of the third quarter of the previous fiscal. At the same time, net NPAs eased below 1 per cent to 0.47 per cent, as against 1.24 per cent in the same period a year ago. The capital adequacy ratio rose to 17.53 per cent in the December quarter as against 14.85 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-startups-need-to-conserve-cash-listen-to-customers-say-experts/articleshow/97020604.cms">Indian startups need to conserve cash &amp; listen to customers, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/logistics-startup-locad-raises-11-million-in-series-a-funding-led-by-reefknot-investments/articleshow/97020396.cms">Logistics startup Locad raises $11 million in Series A funding led by Reefknot Investments</a>

Bank of Maharashtra Q3 profit more than doubles to ₹775 crore

As Indian startups face turbulence in the global funding winter, experts on Monday said they need to reserve cash, create a long-term goal and adopt a culture of customer feedback to survive in 2023. On the occasion of the 'National Startup Day', envisioned by Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> last year, industry experts said that the founders must continuously monitor the trends which are happening in the world. Indian startups fired more than 18,000 employees in 2022 amid a funding winter and macroeconomic uncertainty. "Investing in R&amp;D can be one of the finest ways to actually tackle disruption. Make sure that as a business, you keep some of your profits or your balance sheet reserves for investing into R&amp;D to actually learn more," Dr Ritesh Malik, Director, <keyword id="6365866" type="General" weightage="50" keywordseo="alliance" source="Orion">Alliance</keyword> for <keyword id="2947744" type="General" weightage="50" keywordseo="digital-india-foundation" source="Orion">Digital India Foundation</keyword>, or <keyword id="1429787" type="General" weightage="50" keywordseo="adif" source="Orion">ADIF</keyword>, told IANS. "If you feel that there is a platform like Instagram where the go-to-market strategy is more efficient, start learning Instagram and start promoting your products there," he added. According to <keyword id="6061635" type="General" weightage="80" keywordseo="tejas-khoday" source="Orion">Tejas Khoday</keyword>, Co-Founder and CEO of trading platform FYERS, this year is special as India has emerged to be the third largest startup ecosystem in the world. "While the past year was turbulent with IPOs of several well-known startups not doing too well, the ongoing funding winter and related layoffs, in the long run, all this will be a blip on the radar," he said. That said, this will help the ecosystem to mature and hopefully and we will see startups achieve a better balance between scale and profitability in 2023, Khoday noted. While interacting with over 150 startups, <keyword id="2238662" type="General" weightage="50" keywordseo="pm-modi" source="Orion">PM Modi</keyword> last year announced the commemoration of National Startup Day on January 16 every year. The Department for Promotion of Industry and Internal Trade and the <keyword id="6416832" type="General" weightage="50" keywordseo="ministry-of-commerce-and-industry" source="Orion">Ministry of Commerce and Industry</keyword> marked an entire week as <keyword id="16072714" type="General" weightage="50" keywordseo="national-startup-week" source="Orion">National Startup Week</keyword>, from January 10 to 16. According to Malik, startups must hear back from their customers. "The more you hear from your customers, the more you will be able to understand their changing needs. And the more your product becomes dynamic and you constantly change that product to the whims and fantasies of the customer," he noted. <keyword id="3337958" type="General" weightage="80" keywordseo="ravish-naresh" source="Orion">Ravish Naresh</keyword>, CEO and Co-founder of Khatabook, said that there is a stronger acknowledgment of Indian startups' role in solving core problems of emerging economies to bridge the socio-economic gaps. "This year, our primary aim is to turn profitable and scale up the digital lending offerings to meet the unmet credit demand of Indian MSME businesses. We are optimistic about the Indian economy and its opportunities for the startup ecosystem," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/logistics-startup-locad-raises-11-million-in-series-a-funding-led-by-reefknot-investments/articleshow/97020396.cms">Logistics startup Locad raises $11 million in Series A funding led by Reefknot Investments</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/foreign-investors-pull-out-15000-crore-from-stocks-in-the-first-two-weeks-of-2023/articleshow/97019987.cms">Foreign investors pull out ₹15,000 crore from stocks in the first two weeks of 2023</a>

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Logistics startup Locad raises $11 million in Series A funding led by Reefknot Investments

Eetika Kapoor

Bank of Maharashtra Q3 profit more than doubles to ₹775 crore

PTI

Indian startups need to conserve cash & listen to customers, say experts

IANS