SERIES E ROUND SEES A $100 MILLION FUNDRAISE FOR FAREYE- INDIAN LOGISTICS SAAS STARTUP - Start-Up Hyderabad
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SERIES E ROUND SEES A $100 MILLION FUNDRAISE FOR FAREYE- INDIAN LOGISTICS SAAS STARTUP

 3 years ago    

With the increased amount of globalization in our society, logistics and supply chain management have become paramount. Efficiency, speed, and control over operations remain core issues that need to be addressed, while adaptability and scalability are key to ensure ease of operations. Addressing these challenges, three engineers set out to create a more efficient, predictive, and organized logistics platform. Narrowing down on this objective, Gautam Kumar, Kushal Nahata, Gaurav Srivastava founded FarEye in 2013. A low-code, AI-powered intelligent & end to end delivery management platform headquartered in Noida, New Delhi, helps global firms enhance their supply and logistic operations through its software platform. In simple terms, the 8-year old Indian startup offers a predictive analysis of the demand and buying trends across channels, from manufacturers to retailers, and the flagship software allows companies to support the entire supply chain- from first-mile seller pickups to last-mile deliveries, leading to a reduction in operational costs and an increase in customer experience. 

Having established itself in the market, the company boasts over 150 global e-commerce & delivery partners, with renowned companies such as Walmart, UPS, DHL e-commerce, Domino’s, Hilti, Posti, Zomato, Gordon Foods, and Amway. With 100 million transactions each month, the company supports 25,000 drivers, integrated through a network of over 2 million vehicles. The pandemic brought growth to the company, rather than pushing its business down. Witnessing a month-on-month 1.8x increase in usage during the lockdown, FarEye has enabled B2B and B2C last-mile delivery as well. Expanding operations internationally in Europe, Singapore, and the US has accelerated the overall growth in revenue nearly 3 times. Recently, the company announced the option to liquidate up to 35% of the ESOP shares worth $759,000 in a buyback exercise. 

The Indian SaaS logistics startup raised $100 million in its Series E round led by TCV and Dragoneer Investment Group. The round also saw participation from existing investors Eight Roads Ventures, Fundamentum, and Honeywell. Gopi Vaddi, General Partner at TCV, will be joining FarEye’s board of directors as a part of the transaction. Speaking on the investment, Kushal Nahata, CEO and co-founder of FarEye, said. “The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861 billion online with U.S. retailers in 2020, up 44% from $598 billion in 2019. The growth and the digital transformation in the logistics sector have created an opportunity for software platforms like FarEye to provide a superior customer experience. Our ambition is to enable thousands of businesses to provide an Amazon-Prime-like delivery experience, and we aim to drive innovations that re-imagine how deliveries are being managed globally.” The Series E raise has taken the total amount raised by the 8-year old startup to $153 million, with revenues showing double-digit year-on-year growth. Having been recently recognized by Gartner in their inaugural Magic Quadrant for Real-Time Transportation Visibility Platforms, FarEye intends to focus the funds on expanding its software platform capabilities, redefining how products are delivered, hiring new talent, and expanding further in the European and North American markets. 

In the company statement, Gopi Vaddi, General Partner at TCV, said: “The logistics and supply chain industry is going through a long-awaited software-led creative disruption, led by emerging leaders like FarEye that provide multi-tenant SaaS platforms with low code configuration to enhance visibility to the enterprise and deliver superlative last-mile experiences for the end consumer. We, at TCV, are pleased to partner with Kushal, Gaurav, Gautam, and the entire management team. We have been impressed with FarEye’s platform capabilities and their long-term vision as a key enabler for digital transformation in logistics.” Additionally, Eric Jones, Partner at Dragoneer Investment Group, said: “We look forward to partnering with FarEye as they continue to redefine how products are delivered across diverse logistics networks and expand their footprint in Europe and North America.” 

FarEye is empowering global enterprises to shrink delivery time by up to 27%, increase courier productivity by up to 15%, eliminate risks by up to 57%, and ensure operational excellence. Explore FarEye on PlayStore and App Store

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I am an avid reader and have a passion for writing. Being a law student coming from a commerce background, I have a flair for learning about the dynamic legal and business fraternity, as well as becoming an entrepreneur myself. Innovation, creativity, and hard work are the sole drivers to growth and is my mantra for life.

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