Logistics management startup FarEye raises $3.5million from Saif Partners
FarEye, a logistics management software, today announced it has completed its Series A round and raised $3.5 million (around Rs 20 crore) as growth funds from Saif Partners.
The startup will use the raised capital for the expansion of business to other territories. It wants to capitalise on its logistics management expertise and help enterprises across the globe streamline their logistics
Started in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye is a SaaS mobility platform that can solve the complicated last mile delivery issues on a mobile platform. Through FarEye’s automation software, companies can schedule & dispatch jobs, monitor execution and analyse performance—all in real time—making enterprises more effective and streamlined.
FarEye has a road-map of product enhancement for next 12 months and adding new features regularly. They plan to integrate with IoT platforms & drones to enable automated delivery.
Kushal Nahata, co-founder of the company said,
“We are a profitable B2B startup and believe in organic growth. Our vision is to create a global technology company which stays for decades. Plagued by operational inefficiencies and high costs, the $60,000 Bn logistics industry provides a huge opportunity to FarEye. We are here to streamline logistics in all the industry verticals. We are in the path of revolutionizing the entire delivery mechanism by creating the largest virtual network of delivery workforce across regions. ”
FarEye is headquartered in New Delhi and got over 75 clients ranging from the exclusive e-commerce solution providers like Ecom express, Gojavas, Holisol etc to the traditional behemoths like DTDC, Blue Dart, Safe Express, Bajaj Capital, Hitachi etc.
Globally FarEye has been able to leave its mark by optimizing and automating logistics operations for companies like Zalora, ACommerce, Sephora, MarkaVIP etc in South East Asia and West Asia. Currently, it has a team of 30 and they plan to expand the team for sales, delivery & product and would reach a number of 60 in next few months.