FarEye launches initiative to help logistics startups in fundraising, mentoring

FarEye, a delivery management platform that simplifies last-mile logistics, recently launched the Innovation Nexus initiative. 

Aimed at bolstering startups in the logistics sector, the initiative offers a direct platform for promising new companies to connect with industry leaders for funding and expert mentoring. It was unveiled during the 'The Last Mile Leaders Event' held in Greater Noida.

How will Innovation Nexus Impact startups?

According to FarEye co-founder and CEO Kushal Nahata, the initiative is poised to be a game changer. He highlighted that the national logistics policy recently introduced by the government creates significant opportunities for start-ups. "Startups are going to play a significant role in reducing logistics costs, and in this journey, Innovation Nexus is going to be the game changer for early-stage start-ups from mentoring to easy fundraising," Nahata said.

The Last Mile Leaders Event, co-organized by FarEye and Microsoft on April 19, served as the launching ground for Innovation Nexus. The event gathered over 40 supply chain experts from more than 20 countries. These experts came from various industries, including retail, logistics, postal services, consumer packaged goods, and pharmaceuticals, to discuss how technology could drive down logistics costs.

What technologies are being emphasized?

During the event, Gautam Kumar, FarEye’s COO and co-founder, spoke about the growing adoption of advanced technologies.

"The initiative is a launchpad for startups to secure transformative partnerships. It is exciting to see the surge in the adoption of AI, robotics, and embedded data analytics, all geared toward enhancing the efficiency and effectiveness of logistics operations," Kumar explained.

A key highlight of the event was the unveiling of the Last-Mile Trends Report 2024, which outlines the crucial factors shaping strategic decisions in the logistics sector.

Looking ahead, Nahata predicted a significant shift towards automation and sustainability. "Within the next five years, autonomous drones will handle 30 percent of urban deliveries, reducing delivery times and costs dramatically," he said.

Additionally, with urban delivery traffic set to increase carbon emissions by 32% by 2030, Nahata emphasized that "prioritising sustainability is non-negotiable," citing the rise in electric vehicle adoption and government initiatives like the FAME scheme as indicators of a shift towards greener logistics in India.