FarEye, which is a New Delhi-based technology enabled logistics solutions provider has acquired the freight logistics startup Dipper Technologies, in a cash and stock deal. The details of the deal, however, have not been disclosed yet.
With this acquisition, FarEye will be better equipped to strengthen its position as a leader in the last mile delivery segment. It will also help in increasing delivery accuracy, leveraging Dipper Analytics.
After the acquisition, Dipper is going to be rebranded as FarEye Transportation. Founded by IIT Guwahati and NIT graduates Ayush Syal and Suryansh Jalan in the year 2015, Dipper Technologies provides an online marketplace that connects trucks with load owners.
The startup provides a platform for seamless real-time booking and also offers the best rates to load owners. Moreover, load owners can track their loads via its GPS-enabled trucks. In June 2016, Dipper Technologies raised an undisclosed amount in a seed funding round.
FarEye, on the other hand, was founded in 2013 by Kushal Nahata, Gautam Kumar, and Gaurav Srivastava. The startup provides technology solutions for eCommerce and supply chain logistics operations.
By leveraging artificial intelligence and machine learning technologies, it provides customized supply chain and logistics solutions to businesses. In February 2018, FarEye secured $9.5 Million in a funding round from the Deutsche DHL Group.
“We realized that the need for visibility is only increasing with both commercial customers and consumers wanting to know in real time where their shipments are and when they would arrive. Shippers are losing a lot of time, money and inventory due to unpredicted freight movement,” the company said in a statement.
Picture Credits: FarEye