The growth funding round was led by Nandan Nilekani-backed firm The Fundamentum Partnership. Korean investment platform KB Global Platform also participated in the round. The company has secured around US$ 51M across four institutional rounds so far. In April, FarEye had raised US$ 24.5M from Microsoft’s venture fund M12, Eight Roads Ventures, Honeywell Ventures and returning investor SAIF Partners.
The funds raised will be used to accelerate its expansion globally and face the steep digital curve for logistics transformation.
Founded in 2013, FarEye is the brainchild of Kushal Nahata, Gautam Kumar and Gaurav Srivastava. It is a software-as-a-service (SaaS)-based logistics management platform. Its software solutions help firms to manage their supply chain and delivery aspects of large logistics platforms across manufacturing, courier, e-commerce, food and grocery sectors. It is used across many sectors by some of the top companies like Dominos, FedEx, Honda, Tata, Hitachi, DHL International, Walmart, Blue Dart, Amway, Future Group, Godrej etc.
FarEye digitises the process of dispatch, execution, tracking and optimization of movement of goods. Some of its competitors include Alibaba-backed Xpressbees, BlackBuck, Rivigo Services. More than 150 enterprises across nations and verticals run their logistics operations on FarEye’s SaaS-based platform.
“FarEye has witnessed a surge in the need for real-time visibility in logistics for businesses to build customer-centric supply chains,” said CEO Kushal Nahata. He also said that they aim to make FarEye one of the most customer-centric organizations globally and make every delivery delightful for the consumers.
FarEye claims that they have executed more than 10 million transactions per day. “With recently raised funds, we will continue to invest in the best talent in the Americas, Europe and (the) APAC (region) to support our hyper-growth in these regions,” said Kushal Nahata.
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