By Tanisha Lele
Latest funding to be put to tech development and global expansion
FarEye, a leading Indian logistics AI SaaS (software-as-a-service) platform, recently announced an investment of US$25 million in its Series D funding round led by Microsoft’s venture fund M12. Eight Roads Ventures and Honeywell Ventures also participated in the round, along with existing investor SAIF partners.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, this Delhi-based logistics platform aids enterprises in running, tracking, and enhancing their logistics operations. It has more than 150 global clients, including big names like Walmart, DHL, Amway, and Dominos.
Co-founder Nahata has said that the startup will make use of the fresh capital to improve its predictive tech and expand its footprint across the United States, Europe, and the Asia-Pacific region.
In a press statement, the logistics management platform said that it believes it “stands out amongst other supply chain solutions for its orchestration and predictive intelligence capabilities, which equip enterprise customers to respond quickly and strategically in dynamic business environments.” The startup also added that it manages to successfully handle about 10 million global transactions across 20 countries on a day-to-day basis.
As one of India’s fastest-growing startups with a 280% increase in annual recurring revenue (ARR) year on year, the organization has claimed that with the use of machine learning, it can help enterprises reach their customers during the current pandemic situation. The company claims its machine learning tech can reduce delivery times by up to 27%, enlarge courier productivity by up to 15%, and abolish risks by up to 57%.
In the current chaotic era of COVID-19, the team at FarEye has decided to offer its product ‘Serve’ at zero cost so as to enable the smooth and consistent movement of groceries and other essential goods.
In an earlier press statement, Nahata said, “This pandemic has put a mandatory reset button on all of us and is pushing everyone to reflect and realize how everything is temporary and fragile. We want to lean in and do our bit by offering our optimization technology as a support to ensure seamless movement of essential goods in the midst of this crisis”.
Clocking triple digit revenue growth for the past three years, FarEye is now targeting a 325% growth in revenue this fiscal year.
Photo by Warren Wong on Unsplash.