FarEye, an end-to-end, global delivery management platform, recently said it has raised $100 million in a Series E round led by US-based Technology Crossover Ventures (TCV) and Dragoneer Investment Group. Existing investors Eight Roads Ventures, Infosys Ltd co-founder Nandan Nilekani’s growth capital fund Fundamentum Partnership and Honeywell also participated in the funding round.
FarEye is a Software-as-a-Service (SaaS) mobility platform, which was founded by Kushal Nahata, Gaurav Srivastava, and Gautam Kumar in 2013. The company aims to solve the complicated last-mile delivery issues through its automation software that allows companies to schedule and dispatch jobs, monitor execution, and analyze performance in real-time, making enterprises more effective and streamlined.
The Delhi-based company said the funds will be used to accelerate its mission of empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks. The logistics SaaS platform will further focus on expanding its software platform capabilities, drive European and North American expansion, and continue to attract world-class talent.
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According to Nahata, the company clocked 280% growth for the financial year ending March 31, 2021, compared to the previous year. He added that around 78% of the company’s revenue comes from markets outside India, with the US being its largest market.
The company has raised about $150 Mn to date across seven funding rounds. It had last raised $25 Mn in April 2020 as a part of its Series D round led by Microsoft’s venture fund called M12, with participation from Eight Roads Ventures, Elevation Capital (formerly known as SAIF Capital), and Honeywell Ventures.
Currently, it serves global enterprises across sectors such as retail, manufacturing, and third-party logistics firms and carriers. These include DHL e-commerce, Amway, Dominos, Walmart, Posti, Gordon Foods, and UPS. The company’s platform processes over 100 million transactions each month, supports more than 25,000 drivers and is integrated into a network of over two million vehicles. “FarEye’s growth has accelerated over the past 12 months, with particularly strong traction in Europe and North America,” the company said.
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