New Delhi-based logistics management startup FarEye has raised $100 Mn in its Series E funding round led by TCV and Dragoneer Investment Group to drive European and North American expansion. Existing investors like Eight Roads Ventures, Fundamentum and Honeywell also participated in this round. As part of the transaction, TCV’s general partner Gopi Vaddi will join FarEye’s board of directors.
FarEye will also use a part of the funding to expand its software platform capabilities and attract talent. The company aims to accelerate its mission of “empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks”.
“The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861 Bn online with US retailers in 2020, up 44% from $598 Bn in 2019. The growth and the digital transformation in the logistics sector has created an opportunity for software platforms like FarEye to provide a superior customer experience,” the company’s CEO and cofounder Kushal Nahata, said in a statement.
FarEye is a Software-as-a-Service (SaaS) mobility platform, which was founded by Nahata, Gaurav Srivastava and Gautam Kumar in 2013. The company aims to solve the complicated last-mile delivery issues through its automation softwares that allows companies to schedule and dispatch jobs, monitor execution and analyse performance in real time, making enterprises more effective and streamlined.
The company manages the end-to-end process of delivering goods or services to consumer and enterprise customers across both third party as well as in-house fleet models, while lowering the logistics costs and maintaining transparency across the entire process. The company claims to leverage its highly modular, cloud-native and low-code platform for the same, which allows the clients to further build individualised workflows to suit their delivery requirements.
It serves global enterprises across retailers, manufacturers and third-party logistics providers and carriers like DHL Ecommerce, Amway, Domino’s, Walmart, Posti, Gordon Foods, UPS and more. It claims to process over 100 Mn transactions each month, support more than 25K drivers and is integrated into a network of over 2 Mn vehicles.
The company has raised about $150 Mn to date across seven funding rounds. It had last raised $25 Mn in April 2020 as a part of its Series D round led by Microsoft’s venture fund called M12, with participation from Eight Roads Ventures, Elevation Capital (formerly known as SAIF Capital) and Honeywell Ventures. The funding was used by FarEye to expand into new markers and growing teams in Europe, Asia Pacific (APAC) region and the US.
FarEye claims to have witnessed accelerated growth in the last 12 months with particularly strong transactions in European and North American market. These markets collectively comprise over half of revenues and have grown nearly three times in the same period.