Saif Partners-backed SaaS company FarEye has reportedly acquired an internet-of-things (IoT) platform called Dipper Technologies which provides visibility and predictability in freight movement.
However, the financial details of the deal have not been disclosed. FarEye recently raised Rs 61 crore in its third round of fundraising and is now expecting to secure more capital next year.
FarEye is a software-as-a-service (SaaS) provider for e-commerce and supply chain logistics companies. It helps logistics firms manage their supply chains and deliveries with its software-as-a-service (SaaS) business model. The company was founded in 2015 and works with international companies such as DHL, Amway and Blue Dart, and claims to back 10 million shipments every day.
“This acquisition will help us further our position as a leader of last-mile delivery, and provide greater clarity for delivery accuracy with Dipper’s analytics,” Kushal Nahata said. “We are massively scaling our product and engineering team, from 60 right now, to about 120 by the end of next year.”
The acquired company, Dipper, on the other hand, was founded by Suryansh Jalan and Ayush Syal in September 2015. Also, Dipper’s 20 employees will be absorbed into FarEye, which currently employs about 150 people. The company will be rebranded as FarEye Transportation. In 2016, Dipper had raised an undisclosed amount from an angel investor.