Locus, a platform that automates supply chain decisions, has announced that it has set aside $4 million for its ESOP buyback. All employees, whether still working with Locus or not, will be allowed to liquidate their stocks.
The platform uses deep machine learning and proprietary algorithms to offer smart supply- chain solutions to customers across sectors, such as e-commerce, retail, e-grocery, CPG/FMCG, home services, home deliveries, 3PL, transportation and B2B distribution.
According to Nishith Rastogi, CEO, Locus, this buyback is the Company’s way of showing its appreciation and gratitude to the employees for their hard work. This move will help them create wealth. The buyback “will happen at the Series C price without any discount. We will also have a rolling plan to facilitate new buyback for teammates in the future as well,” says Rastogi, to “ensure continuous value creation for team members and motivate them to fulfill our shared dream of building the operating system of logistics.”
This is the second time that Locus is offering an ESOP buyback.
Quite recently, the Company managed to raise $50 million in Series C funding led by GIC, Singapore’s sovereign wealth fund. Others who participated were, Qualcomm Ventures, Tiger Global and Falcon Edge. Amrish Rau, CEO, Pine Labs; Kunal Shah, CEO, Cred; Raju Reddy, founder, Sierra Atlantic, and Deb Deep Sengupta, former president & MD, SAP South Asia, were the angel investors who participated.
Locus’ supply chain solutions provide end-to-end visibility and allow enterprises to improve their operational efficiency by controlling costs, streamlining the customer experience, and decreasing environmental impact. It offers route optimisation, real-time tracking and analytics, sales beat optimisation, territory planning, vehicle allocation, and network design.
Among its customers are big names, such as the Tata Group, Big Basket, Nestle, Unilever and Mondelez. Beyond India, it has a strong presence across North America, Europe, Southeast Asia, Middle East, Australia and New Zealand.