Comments
FourKites, a Chennai-based provider of predictive supply chain platform, has raised $35 million in Series B funding to expand its geographic reach and products, thus taking the funding received so far to $51 million.
August Capital led this funding round with participation from existing investors Bain Capital Ventures and Hyde Park Venture Partners, said a FourKites press release. Eric Carlborg, General Partner at August Capital, will join the FourKites board.
The funding will fuel the company’s plan to double its engineering talent pool and build new teams by the end of this year. The company will also invest in R&D and product and engineering. This includes ‘omni-modal’ tracking and end-to-end visibility solutions and predictive analytics capabilities, said Arun Chandrasekaran, co-founder and CTO, FourKites.
Powered by what it claims is the industry’s largest network of real-time shipment location data, FourKites uses connections to network over four million GPS devices and a proprietary algorithm to provide precise arrival time predictions and real-time recommendations. Clients use its analytics to make decisions that improve on-time delivery rates, strengthen end-customer relationships and optimise supply chain operations, the release said.
FourKites recently signed deals with Unilever for supply chain tracking across Europe, and AB InBev in South Africa. Its other major customers include Best Buy, Conagra Brands, KraftHeinz, Nestlé, Perdue Foods, Smithfield Foods and US Foods.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.