Logistics software startup FarEye secures USD 25 million in funding led by Microsoft’s venture fund M12, with participation from Honeywell Ventures and Eight Roads Ventures.
Existing investor SAIF Partners also participated in the series D round. The company, has secured USD 40 million till date, including its latest funding
“We will use the funds to further invest in enhancing predictive capabilities of our platform as well as accelerating growth in Asia Pacific, Europe and US,” Co-founder and CEO of FarEye, Kushal Nahata said.
Established in 2013 by Gautam Kumar, Kushal Nahata and Gaurav Srivastava, FarEye’s logistics platform enables enterprises to track, operate and optimize their logistics operations. It has over 150 global clients including Dominos, Walmart, DHL and Amway.
The startup’s platform deals with more than 10 million transactions everyday across the globe on its platform and helps in decision making based on billion plus data points fed into its machine learning engine.
Kushal Nahata explained that the company has seen a significant growth in its business despite the lockdown in many parts of the world amid the COVID-19 pandemic.
The government of India has eased the lockdown nationwide. It has given relief to the industrial sector. Industries and Manufacturing units functioning from Special Economic Zones (SEZs) have been granted relief to operate during the lockdown.
“While these are the difficult times for the industrial sector, enterprises are scaling up their efforts to enhance efficiency of their supply chain operations to meet the increased demand of online deliveries.” Kushal Nahata said.
“There may have been a slowdown in our business in manufacturing and auto segments but home delivery segment has been significantly growing, both in India and overseas,” he further explained.
The company, which had marked an annual recurring revenue of USD 10 million in the December 2019 quarter, expects to continue its growth momentum and mark 2.5X to 3X increase in revenues in 2020, Nahata said.
30 per cent of revenue of FarEye comes from India and remaining comes from market like Europe and US.
The company has around 320 employees and plans to add around 100 more over the next one year, especially for its technology and product team.