Companies

FarEye raises $25 million in Series D

Sangeetha Chengappa Bengaluru | Updated on April 15, 2020 Published on April 15, 2020

Logistics SaaS platform, FarEye, has raised a Series D investment of $25 million led by M12 (Microsoft’s Venture Fund) with participation from Eight Road Ventures and Honeywell Ventures. Existing investor SAIF Partners also participated in the round. Including this round, FarEye has raised a total of $40 million to date.

Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye’s predictive logistics platform enables enterprises to orchestrate, track, and optimise their logistics operations. Present across 20 countries, the company has over 150 customers including global retailers, CPG companies, logistics & transportation providers including DHL, Amway, Domino’s, Walmart, Johnson & Johnson and Hilti, among others.

“We deeply value the support and trust of our investors, customers and partners who have been instrumental in our success. I am delighted to see the impact we are making by optimising 10 million transactions every day across the globe on our platform which provides better decisioning based on billion plus data-points fed into our machine learning engine,” Kushal Nahata, CEO, FarEye, told BusinessLine.

“We will use this investment to create greater value and improve the experience for our customers by enhancing the platform’s predictive capabilities, increasing platform partnerships, expanding into new markets and growing our teams in Europe, APAC and the US,” added Nahata.

“From just-in-time logistics optimisation to last-mile transportation notifications for end customers, supply chain visibility is a business imperative for organisations. FarEye 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,” said Abhi Kumar, M12 India Head.

To help ensure seamless deliveries of groceries and daily essentials at every doorstep while maintaining social distancing amidst the Covid-19 pandemic, FarEye is offering companies globally, its solution ‘Serve’ at a zero-fee till June 30, and for all deliveries to hospital sites and for the supply of food and medicines for NGOs that are responding to the Covid-19 crisis until September 30. In the last three weeks, FarEye Serve has enabled the movement of 30,000 – 40,000 essential deliveries every day.

Shweta Bhatia, Partner, Eight Roads Ventures, said, “The global pandemic has accelerated the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries. FarEye’s highly configurable last-mile and long-haul logistics platform has been validated by leading global enterprises across the 3PL, retail and manufacturing categories.”

“With supply chain and logistics networks becoming so critical in today’s environment, FarEye has proven to be a business-critical provider and enabler of delivery logistics,” said Kamal Vasagiri, director of venture capital investments at Honeywell Ventures.

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Published on April 15, 2020
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