FarEye Raises $25 million in Series D Led by Microsoft’s M12

FarEye Raises $25 million in Series D Led by Microsoft’s M12

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.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Top 3 Cheapest Tesla Alternatives to Consider Buying

Top 3 Cheapest Tesla Alternatives to Consider Buying

Those who care about the environment have progressively shifted to electric cars. In December 2022, electric car sales reached 11% of the car market worldwide. These cars not only have significantly fewer carbon emissions but are also cheaper to maintain. Some countries, such as New Zealand, the U.K.

Workplace Bullies: How Do You Deal With Them

Workplace Bullies: How Do You Deal With Them

According to the 2021 U.S. Workplace Bullying survey, 30% of employees have direct experience being bullied at work. The typical office bully constantly puts you down, ignores your opinions and blames you for things you had nothing to do with. Some bullies are better at concealing their behaviors than others, and some might even gaslight you into thinking that you are making a big deal out of nothing. 

What Should Employees Do in a Crisis

What Should Employees Do in a Crisis?

At the start of January 2023, a drunk man in an Air India flight’s business class urinated over a 72-year-old woman sitting beside him. The man, Shankar Mishra, was the Vice President of the financial services company Wells Fargo (he was fired following the incident). In itself, the incident is disgusting.

Top 5 AI Companies in the World

Top 5 AI Companies in the World

Technological developments are driven by the human need to make life easier and complete tasks faster and more efficiently. The drastic growth of technology in recent years has paved the way for artificial intelligence (AI) to become an integral part of almost every industry—from education and lifestyle to music and sports. It is everywhere. And by the looks of it, it is here to stay.

3 High Demand Metaverse Jobs in Future That Your Kids Should Look into

3 High Demand Metaverse Jobs in Future That Your Kids Should Look into

It’s no wonder why Jumpstart Media named “metaverse” one of the top emerging trends and technologies to look forward to in 2023. With an expected compound annual growth rate (CAGR) of 39.4% from 2022 to 2030, Grand View Research forecasts that the global metaverse market is set to expand exponentially. From fashion shows, gaming, luxury products, sports and travel to art, many industries are tapping into the metaverse’s potential.

4 Most Anticipated Tech IPOs of 2023

4 Most Anticipated Tech IPOs of 2023

The technology industry has been a driving force in shaping the global economy for decades and the initial public offerings (IPOs) of technology companies are often highly-anticipated events. In 2022, the tech IPO market saw a slowdown compared to the previous year, 2021.