Update: April 15, 2020| 12:35 PM
After the story was published, the company announced that a Series D investment of $25 Mn led by M12 (Microsoft’s venture fund) with participation from Eight Roads Ventures and Honeywell Ventures. Existing investor SAIF Partners also participated in the round. “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 & US,” said Kushal Nahata, CEO, FarEye.
New Delhi-based logistics management startup FarEye is raising $24 Mn in a fresh funding round from new and existing investors.
According to the company’s ministry of corporate affairs filings accessed by Inc42, FarEye passed a board resolution on April 4 to create, offer and issue equity and preference shares to four investors worth $24.49 Mn.
The company is allotting Series D shares at a price of $244.52 Mn to:
- 10 equity shares and 40,886 preference shares to Microsoft corporation (M12)
- 10 equity shares and 20, 438 preference shares to Honeywell Venture Capital
- 18,403 preference shares to existing investor SAIF Partners in two tranches
- 10 equity shares and 20,438 preference shares to Eight Roads Ventures
The company has said in its filings that fresh funding is to augment the capital and resources for the business activities. Inc42 queries to FarEye didn’t elicit any response till the time of publication.
Further, the company has also expanded its ESOP pool to 36,385 equity shares, 6.81% of the total equity capital. Prior to this round, the company has raised INR 81 Cr from SAIF Partners, Deutsche Post etc.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye is a Software as a Service mobility platform that aims to solve complicated last-mile delivery issues.
Through FarEye’s automation software, companies can schedule and dispatch jobs, monitor execution and analyse performance — all in real-time — making enterprises more effective and streamlined.
With successful use cases for warehousing, first-mile pick-up, milk runs, on-demand/hyperlocal solution, last-mile delivery and reverse pick-ups (90-minute and non-time bound), FarEye currently provides end-to-end mobility solution to over 100 logistics and supply chain leaders across five continents.
FarEye claims to have a 280% increase in ARR year on year and clocked triple-digit revenue growth for the past three years. It also claims to have facilitated over 10 Mn transactions per day across more than 20 countries for more than 150 customers.
Amid the pandemic, FarEye had announced that it will work with companies globally and equip them with its home delivery optimisation software to handle the surge in-home deliveries with available drivers, quickly onboard part-time drivers and make deliveries contactless.
While logistics tech grew on the back of the B2C boom, today B2B logistics tech startups have emerged as the darling of investors as they solve last-mile delivery, warehousing, freight, and supply chain optimisation. Apart from established names such as Shadowfax, BlackBuck, Delhivery, there is a brigade of new-age logistics tech players including the likes of like Fr8, Frieightwallan, LetsTransport and more.
Estimated to have a market value of more than $160 Bn, India’s logistics industry is projected to hit $215 Bn in value in 2020, according to the finance ministry. It is one of the highest revenue-generating sectors in India.