FarEye the Indian logistic SaaS startup raised $13 million in a Series D funding round that started in April. In total, it has raised $37.5 million at the end of the round.
The company aims to grow in the logistic industry and enable digital logistics. They work on predicting, optimizing, and managing the movement of good from the vendor to the customer. More than 150 e-commerce site prefer Indian logistics startup to ship their products because of efficiency.
The Series D funding round that started in April had brought in many investors. The company got an investment from Microsoft’s venture fund, M12 Honeywell Ventures, Eight Roads Ventures, and SAIF Partners in the beginning.
Now, the support of Nandan Nilekani and Sanjeev Aggarwal’s led an entended round with KB Global platform fundraising the last $13 million.
How is FarEye changing the logistics industry?
The startup uses AI to predict the optimum solution for its clients. The founder of the company Kushan Nahata said that they are helping Domino’s to optimize their delivery methods. From deciding the best route for every delivery to how many delivery guys are in the vicinity. FarEye is helping Domino’s work more efficiently.
According to research on deliveries, last-mile deliveries cost the most and are very complicated. Due to this, it is not easy for any company to manage it effectively. Coming to rescue FarEye uses its fine-tuned algorithm to handle last-mile deliveries for its clients. The company has made use of the pandemic as an opportunity to raise funding twice. Due to the COVID-19 situation, people prefer to buy things online instead of offline stores for safety. Therefore, all e-commerce sites are generating more revenue than usual. It is a positive thing for the logistics industry and is allowing for more room in the market. According to Aggarwal of Fundamentum:
“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,”
With the technology that FarEye is integrating into the logistics management of its clients, it has the potential to become one of the largest company in the logistics space in future.