With this, the corporate has clocked a complete funding of $51 Mn
FarEye can be utilizing the fund to develop into new geographies, together with the US, Europe, Asia-Pacific area
The corporate has served near 150+ shoppers, together with DHL, Amway, Walmart, Domino’s, Blue Dart amongst others, unfold throughout 20+ international locations
In an on-going Collection D spherical, New Delhi-based logistics administration startup FarEye introduced that it has raised a further $13 Mn in funding led by tech-focused early-mid stage enterprise capital fund Fundamentum Partnership, which is backed by Nandan Nilekani, Sanjeev Aggarwal and Korea-based funding agency KB World Platform Fund. Previous to this, the corporate had additionally raised $24.5 Mn led by M12 (Microsoft’s Enterprise Fund), alongside Eight Roads Ventures, Honeywell Ventures, and present investor SAIF Companions.
With this, FarEye clocked a complete of $51 Mn in funding and $37.5 Mn in Collection D spherical alone. The corporate can be backed by different buyers, together with Deutsche Submit, Indian Angel Community, Nitin Singhal, Nitin Jain and Piyush Chawla.
In a press assertion, FarEye mentioned that it is going to be utilising the fund to additional improve its platform’s predictive capabilities, onboard extra shoppers, rent new expertise and develop into different geographies together with the US, Europe, APAC area.
FarEye, a predictive logistics platform which goals to resolve the hassles within the last-mile supply of the availability chain for enterprises, was based by Kushal Nahata, Gaurav Srivastava and Gautam Kumar in 2013. The corporate envisions to develop a clear, sooner and seamless expertise for enterprises and finish prospects’ logistics help, thereby rising the necessity for versatile provide chain options.
At present, with a staff of 280+ staff, the corporate has served near 150+ shoppers, together with DHL, Amway, Walmart, Domino’s and Blue Dart amongst others, throughout 20+ international locations and, on a median, executes near 65 Mn transactions per day. Additionally, it claims to have a 280% enhance in ARR year-on-year (YoY) and has witnessed a triple-digit income soar within the final three years.
Logistics Tech Startups Attracts Investments
The B2B logistics tech startups have change into buyers all-time favourites amid the pandemic occasions. The necessity for expertise to resolve the logistics and provide chain points within the nation has created a brand new demand for revolutionary options that usher in real-time visibility and transparency within the ecosystem, thereby optimising the logistics choices for enterprises, and finally decreasing the associated fee. Apart from FarEye, different notable logistics tech startups within the area embrace LetsTransport, Fr8, Shadowfax, BlackBuck, Delhivery, Freightwalla amongst others.
At present, logistics has emerged as one of many highest revenue-generating sectors, moreover edtech, enterprisetech, healthtech, and fintech amongst different sectors. In keeping with the finance ministry, the market worth of the logistics market is greater than $160 Bn, and is projected to the touch $215 in worth in 2020. This explains the affinity of Indian buyers in the direction of logistics area.