In its ongoing Series D round, New Delhi-based logistics management startup FarEye announced that it has raised an additional $13 Mn in funding as part of its Series D round. The round has been led by tech-focused early-mid stage venture capital fund Fundamentum Partnership.
As part of the Series D round, the company had earlier closed $24.5 Mn led by M12 (Microsoft’s Venture Fund), alongside Eight Roads Ventures, Honeywell Ventures, and existing investor SAIF Partners. The fresh influsion, takes the total funding raised by FarEye’s to $51 Mn, and as per ministry of corporate affairs filings, the company is valued at INR 597.92 Cr or $78.93 Mn.
Further in its filings, FarEye said it closed FY2020, ending on March 2020 with a total revenue of INR 39.9 Cr, from INR 28 Cr in FY 2019. For the FY2021 first quarter ending June 30, 2020, the company announced revenue of INR 12.4 Cr, and is on pace to top its FY2020 revenue on a quarterly basis.
In a press statement, FarEye said that it will be utilising the fund to further enhance its platform’s predictive capabilities, onboard more clients, hire new talent and expand into other geographies including the US, Europe, APAC region.
FarEye, a predictive logistics platform which aims to solve the hassles in the last-mile delivery of the supply chain for enterprises, was founded by Kushal Nahata, Gaurav Srivastava and Gautam Kumar in 2013. The company envisions to develop a transparent, faster and seamless experience for enterprises and end customers’ logistics support, thereby increasing the need for flexible supply chain solutions.
Currently, with a team of 280+ employees, the company has served close to 150+ clients, including DHL, Amway, Walmart, Domino’s and Blue Dart among others, across 20+ countries and, on an average, executes close to 65 Mn transactions per day. Also, it claims to have a 280% increase in ARR year-on-year (YoY) and has witnessed a triple-digit revenue jump in the last three years.
Logistics Tech Startups Attract Investments
The B2B logistics tech startups have become investors all-time favourites amid the pandemic times. The need for technology to solve the logistics and supply chain issues in the country has created a new demand for innovative solutions that bring in real-time visibility and transparency in the ecosystem, thereby optimising the logistics decisions for enterprises, and ultimately reducing the cost. Besides FarEye, other notable logistics tech startups in the space include LetsTransport, Fr8, Shadowfax, BlackBuck, Delhivery, Freightwalla among others.
Today, logistics has emerged as one of the highest revenue-generating sectors, besides edtech, enterprisetech, healthtech, and fintech among other sectors. According to the finance ministry, the market value of the logistics market is more than $160 Bn, and is projected to touch $215 in value in 2020. This explains the affinity of Indian investors towards logistics space.
UPDATE: August 25, 2020 | 8 am
As per ministry of corporate affairs filings, the company is valued at INR 597.92 Cr or $78.93 Mn. Further, in its filings, FarEye said it closed FY2020, ending on March 2020 with a total revenue of INR 39.9 Cr, from INR 28 Cr in FY 2019. For the FY2021 first quarter ending June 30, 2020, the company announced revenue of INR 12.4 Cr, and is on pace to top its FY2020 revenue on a quarterly basis.
UPDATE: October 1, 2020 | 11:30 am
Previously, the data for FY19 was wrongly mentioned as INR 218.6 Cr. After revisiting MCA filing, the data has been rectified to reflect INR 28 Cr.