FarEye raises US$ 25 million in Series D
- IBEF
- April 16, 2020
Logistics SaaS platform, FarEye, has raised a Series D investment of US$ 25 million led by M12 (Microsoft’s Venture Fund) with participation from Eight Road Ventures and Honeywell Ventures. Existing investor SAIF Partners also participated in the round. So far, FarEye has raised a total of US$40 million.
The company was founded in 2013 by Mr Kushal Nahata, Mr Gaurav Srivastava and Mr Gautam Kumar. FarEye’s predictive logistics platform enables enterprises to orchestrate, track, and optimise their logistics operations. Currently, the company has presence across 20 countries with over 150 customers including global retailers, CPG companies, logistics & transportation providers including DHL, Amway, Domino’s, Walmart, Johnson & Johnson and Hilti, among others.
“We deeply value the support and trust of our investors, customers and partners who have been instrumental in our success. I am delighted to see the impact we are making by optimising 10 million transactions every day across the globe on our platform which provides better decisioning based on billion plus data-points fed into our machine learning engine,” Mr Kushal Nahata, CEO, FarEye, said.
“We will use this investment to create greater value and improve the experience for our customers by enhancing the platform’s predictive capabilities, increasing platform partnerships, expanding into new markets and growing our teams in Europe, APAC and the US,” added Mr Nahata.
“From just-in-time logistics optimisation to last-mile transportation notifications for end customers, supply chain visibility is a business imperative for organisations. FarEye stands out amongst other supply chain solutions for its orchestration and predictive intelligence capabilities, which equip enterprise customers to respond quickly and strategically in dynamic business environments,” said Mr Abhi Kumar, M12 India Head.
FarEye is also offering companies globally, its solution ‘Serve’ at a zero-fee till June 30, and for all deliveries to hospital sites and for the supply of food and medicines for NGOs that are responding to the Covid-19 crisis until September 30 in order to deal with Covid-19 pandemic. In the last three weeks, FarEye Serve has enabled the movement of 30,000 – 40,000 essential deliveries every day.
Ms Shweta Bhatia, Partner, Eight Roads Ventures, said, “The global pandemic has accelerated the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries. FarEye’s highly configurable last-mile and long-haul logistics platform has been validated by leading global enterprises across the 3PL, retail and manufacturing categories.”
“With supply chain and logistics networks becoming so critical in today’s environment, FarEye has proven to be a business-critical provider and enabler of delivery logistics,” said Kamal Vasagiri, director of venture capital investments at Honeywell Ventures.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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