FarEye founding team (from left to right - Gautam Kumar, Gaurav Srivastava and Kushal Nahata)

FarEye founding team (from left to right - Gautam Kumar, Gaurav Srivastava and Kushal Nahata)

FarEye raises $13m to boost logistics platform

September 2020

FarEye, a leading logistics SaaS platform for predictive visibility, has announced that it has raised additional $13 million as an extension to its Series D investment led by The Fundamentum Partnership, the growth-capital fund for mid-stage technology companies in India backed by Nandan Nilekani and Sanjeev Aggarwal and KB Global Platform Fund, one of the leading investment firm of Korea.

The investment will accelerate FarEye’s global expansion to address the steepening digital curve for logistics transformation.

The need is being further accelerated by enterprises and end consumers demanding a high level of transparency, faster and more convenient delivery experiences. There is also an increased need for flexible supply chains to meet these demands, said the statement from FarEye.

“With recently raised funds we will continue to invest in the best talent in the Americas, Europe, and APAC to support our hyper-growth in these regions. With a vision to make FarEye one of the most customer-centric organizations globally, we aim to make every delivery delightful for the consumers,” remarked its CEO Kushal Nahata.

FarEye’s recent success in Europe with marquee customers like the leading postal and logistics service company in Finland and a leading American eCommerce company among others has fueled its focus for rapid expansion in the region.

Recently the company established its European headquarters in London and now continues to invest in building its sales, solutions, services, and customer success teams in the region.

“We work with our enterprise customers to provide higher control on their supply chains and offer a superior delivery experience to their end customers,” stated Nahata.

The company’s technology platform digitizes the way enterprises dispatch, execute, track, and optimize the movement of goods, enabling enterprises to lower logistics costs while delighting end consumers, he added.

Commenting on the investment, Aggarwal said: “Investment in the logistics space is essential for the economic growth of any nation. FarEye has captured the pulse of this industry and has all the ingredients to head towards global leadership.”

“I believe in the founders, and the team has the clarity of vision. We are excited to partner with FarEye in its journey to create a global technology leader in the logistics space,” he added.

This is the second time this year that FarEye has been able to raise funds to support its hyper-growth in global markets, making it a total of $51 million investment so far.

In April, FarEye had raised $24.5 million in Series D from M12 (Microsoft’s venture fund) with participation from Eight Roads Ventures, Honeywell Ventures, and existing investor SAIF Partners.  

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