- FarEye will use the raised funding to accelerate innovation and global expansion for its logistics management platform.
- Previously, The startup had raised $13 million in a Series D funding round from KB Global Platform Fund and Fundamentum.
- Post-transaction, Gopi Vaddi will join FarEye’s board of directors.
New Delhi-based logistics software-as-a-service (SaaS) platform Fareye has raised $100 million (about Rs 727 crore) in a Series E funding round led by US-based Technology Crossover Ventures (TCV) and Dragoneer Investment Group. The round also saw participation from existing investors, including Eight Roads Ventures, Fundamentum, and Honeywell Venture Capital.
FarEye will use the raised funding to empower other businesses to provide Amazon Prime-like delivery experiences and redefine how products are delivered across diverse logistics networks. The startup will also look forward to expanding its SaaS-based software platform capabilities, drive European and North American expansion and continue hiring talent, the statement said.
Prior to this round, FarEye had raised $13 million in a Series D round in August 2020, co-led by KB Global Platform Fund and Fundamentum. Following the current round, the startup’s total funding amount now stands at $150 million, according to CrunchBase.
As part of the transaction, Gopi Vaddi, General Partner at TCV, will be joining FarEye’s board of directors. Menlo Park-based TCV is also an investor in Dream Sports, which owns Dream 11, an online sports fantasy platform.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava, and Gautam Kumar, FarEye is an online SaaS-based platform that enables businesses to make delivery experience better for customers.
FarEye claims that its platform is used by global companies like DHL, Amway, Domino’s, Walmart, Posti, Gordon Foods, UPS, among others. According to the startup, The platform currently processes over 100 million monthly transactions, supports over 25,000 drivers, and is integrated into a network of over 2 million vehicles.
In the last 12 months, FarEye has witnessed an increase in growth with particularly strong traction in Europe and North America which collectively comprise over half of the revenues and have grown nearly three times in the same period, it said.
Commenting on the development, Kushal Nahata, CEO & Co-founder of FarEye, said, “We are very proud to have TCV and Dragoneer join our established investors to support our
progress in becoming a global leader in delivery management.”
“The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861 billion online with US retailers in 2020, up 44 percent 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,” he added.
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.”
SAIF Partners, Indian Angel Network (IAN), and San Francisco-based M12 are also an investor in FarEye. The startup is headquartered in New Delhi and has its offices in London, Dubai, Singapore, and Chicago.
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