New Delhi-based logistics management startup FarEye has acquired Dipper Technologies, an internet-of-things (IoT) platform that provides visibility and predictability in freight movement.
The companies said that the acquisition is a step towards creating a digital freight ecosystem that brings all logistics stakeholders onto one platform.
On the acquisition, Kushal Nahata, Co-founder and CEO of FarEye said that the Dipper team understood the problem really well and this understanding coupled with a very passionate team and a strong product supplemented FarEye’s existing strength in supply chain industry technology.
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-min and non-time bound), FarEye currently provides end-to-end mobility solution to over 100 logistics and supply chain leaders across five continents.
At the same time, Dipper, founded by Suryansh Jalan and Ayush Syal in September 2015, brings IoT technology to the freight industry. Dipper’s predictive technology platform logistics support such as estimating real-time delay in freight movement and optimising operations such as documentation and proof of deliveries.
FarEye last raised $9.5 Mn (INR 61.5 Cr) in Series C funding from Deutsche Post DHL Group.
Suryansh Jalan, Co-founder and CEO of Dipper said, “Our joint comprehensive solution will enable shippers to gain end to end visibility of the freight and will give them access to preventive tools for optimizing supply chain management. From order creation, allocation, transit visibility and ePoDs, combined with powerful SLA and KPI dashboards, fuelling, resource utilisation, optimisation to toll cards— this suite will cater to needs of all stakeholders (consignors, 3PL/Transporters, Fleet Owners and Consignees) alike.”
Here are a few statistics of India’s logistics industry:
- The Indian Government’s Economic Survey 2017-18 revealed that the country’s logistics industry, which is worth around $160 Bn, is likely to touch $215 Bn in the next two years with the implementation of GST, growing at a CAGR of 10.5%
- The World Bank’s 2016 Logistics Performance Index shows that India jumped to 35th rank in 2016 from 54th rank in 2014, in terms of overall logistics performance
- According to a report by investment bank Avendus Capital, the logistics tech market is expected to surge to $9.6 Bn by 2020
- Poised to touch $307 Bn by 2020, the Indian logistics sector has been witnessing increasing investments and competition
- Inc42 DataLabs revealed that the sector recorded 27 deals worth $475.83 Mn in 2017
- In Q1 2018, the sector witnessed 3 deals worth $70.3 Mn according to Inc42 Tech Startup Funding Report Q1 2018