Info-tech

FarEye to raise ₹35-40 crore from venture capital firm SAIF Partners

Priyanka Pani Mumbai | Updated on January 20, 2018 Published on May 11, 2016

Both SAIF and Sequoia Capital were vying to invest in the firm





SaaS-based mobile workforce management software FarEye is in an advanced stage to raise about ₹35-40 crore from leading venture capital firm SAIF Partners.

Founded in 2013, New Delhi-based FarEye is a mobile workforce management platform that helps organisations schedule jobs, track execution and evaluate performance, all in real time. The start-up helps companies to generate more revenue by increasing productivity and customer satisfaction.

The company had raised ₹2 crore from Indian Angel Network investors along with Nitin Jain and Piyush Chawla in 2014; it has received another undisclosed sum from Jaideep Mehta of IDC. According to sources, SAIF Partners has already written a check for FarEye after the former had a tug-of-war kind of situation with Sequoia Capital, which also wanted to invest in the Delhi-based start-up.

A person indirectly involved in the deal said, “Both Sequoia and SAIF have been fighting for this company for the last few months over discounts that are generally offered during exits to some of the seed investors. However, SAIF got the mandate after it offered a better price.”

Generally, investors ask for discounts on valuations to investors who want to exit the company. So while Sequoia asked for a whopping 36 per cent, SAIF offered less than 20 per cent, sources added.

While SAIF Partners and Sequoia Capital both declined to comment to a BusinessLine query, FarEye could not be reached.

With SAIF Partners coming in, a few of the company’s angel investors are taking an exit. 

RoboticWares

FarEye is part of RoboticWares Pvt Limited that built India’s first desi GPS-based vehicle security device that provides customers with a web-based, centralised tracking tool to keep track of personal vehicle/fleets. It also has features such as ignition alerts and anti-theft SMS alerts.

RoboticWares was founded in 2009 by Gaurav Srivastava, Gautam Kumar, and Kushal Nahata. It was incubated at the Technology Business Incubator at Kalinga Institute of Industrial Technology, Bhubaneswar. It is also the only Indian company to design, develop and manufacture GPS tracking system indigenously in India.

FarEye’s services include real-time coordination with mobile workforce, task automation, constant job updates, tracking workers, identification of best worker to perform a task, reduction in manual work, analytical reports and smarter decision making.

Using FarEye, a manager will be able to stay aware of the productivity of his team, while field workers can use it to reduce administrative work and hence increase productivity. 

It offers solutions to clients across 10 countries and plans to expand its operations to Dubai and Singapore.

According to market experts, enterprise mobility is a billion-dollar market opportunity. Out of a 3-billion workforce worldwide, only 20 per cent have access to technology to enhance their efficiency at workplace, at present.

Published on May 11, 2016

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