New Delhi-based logistics management software, FarEye, has raised $3.5 Mn (INR 20 Cr) in Series A round of funding as growth funds from Saif Partners.
Started in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye is a SaaS mobility platform that was launched with an aim to solve the complicated last mile delivery issues on a mobile platform. Through FarEye’s automation software, companies can schedule & dispatch jobs, monitor execution and analyse performance—all in real time—making enterprises more effective and streamlined.
The startup will use the raised capital for the expansion of business to other territories. It wants to capitalise on its logistics management expertise and help enterprises across the globe streamline their logistics.
Founders of FarEye said that the company has a strong roadmap of product enhancement for next 12 months and is adding new features regularly. They plan to integrate with IoT platforms & drones to enable automated delivery.
Kushal Nahata, co-founder of FarEye, said, “We are a profitable B2B startup and believe in organic growth. Our vision is to create a global technology company which stays for decades. Plagued by operational inefficiencies and high costs, the $60,000 Bn logistics industry provides a huge opportunity to FarEye. We are here to streamline logistics in all the industry verticals. We are in the path of revolutionizing the entire delivery mechanism by creating the largest virtual network of delivery workforce across regions. ”
The startup claims that 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 & non-time bound) FarEye has become the trusted end-to-end mobility solution for logistics & supply chain leaders. On an average, FarEye has been able to increase first time successful job attempts by 22% and save 2.3 man–hours per employee per day.
It has a list of over 75 clients including Ecom express, Gojavas, Holisol, DTDC, Blue Dart, Safe Express, Bajaj Capital, Hitachi, etc. Globally, FarEye has been able to leave its mark by optimising and automating logistics operations for companies like Zalora, ACommerce, Sephora, MarkaVIP, etc. in South East Asia and Middle East. Currently, it has a team of 30 and they plan to expand the team for sales, delivery & product and would reach a number of 60 in next few months.
Earlier in 2014, FarEye raised funding from Indian Angel Network. It is also one of the startups that has been selected for the InTech50 2016, the flagship event of iSPIRT & Terenne Global Leadership Network. FarEye competes with other logistics solution providers like LogiNext and Delhivery.
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