Locale.ai, a Bengaluru-based location analytics startup, announced it has raised an undisclosed sum in a seed funding round led by early-stage venture capital firm Better Capital, with participation from two angel investors, the company announced on Monday according to a media report.
Other investors that took part in the funding round include Raveen Sastry, co-founder of online fashion retailer Myntra and baby products-focused online retailer Hoopos, and Pallav Nadhani, co-founder of data visualisation platform Fusion Charts.
Locale.ai will use the funds to scale and expand globally, primarily in the US, according to an official statement released by the company.
“Location is at the core of the strategies that companies use to capture demand, and Locale is the fastest way for any company to convert location data into easily searchable intelligence and the right insights,” said Vaibhav Domkundwar, founder of Better Capital.
“We help companies decrease their customer acquisition cost by expanding in areas based on latent demand, reduce user churn by providing better SLAs in locations where they drop-off and increase existing customer revenue by doing geo-targeting based on users they move and where they order from,” Aditi Sinha, co-founder of Locale.ai, said.
Locale.ai was founded in 2019 by Rishabh Jain and BITS Pilani alum Aditi Sinha. The company works with companies operating in the mobility, on-demand delivery, logistics and supply chain sectors. The year-old startup, which has developed a real-time operational analytics platform using location data, claims to increase user conversion percentage by three times, as well as increase asset utilisation rate by 35%.
The company also claims that it has established partnerships with data vendors to help companies overlay granular external data, such as mobility patterns in a city, as well as traffic and weather, on top of its internal data, to get more robust insights.
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