Friday, July 19

FarEye raises USD 25 mn funding, to accelerate growth in US, Europe

Logistics software company FarEye raises USD 25 million (around Rs 190 crore) in funding led by Microsoft’s venture fund M12, with participation from Eight Roads Ventures and Honeywell Ventures.

Existing investor SAIF Partners also participated in the series D round. The company, which has raised USD 40 million till date, did not disclose the valuation at which the latest funds were raised.

“We will use the funds to further invest in enhancing predictive capabilities of our platform as well as accelerating growth in Europe, the US and the Asia Pacific,” FarEye co-founder and CEO Kushal Nahata told Pixr8 News.

Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye’s logistics platform enables enterprises to operate, track, and optimize their logistics operations. It has over 150 global clients including Walmart, DHL, Amway, and Dominos.

The company’s platform handles more than 10 million transactions everyday across the globe on its platform and helps in decision-making based on billion plus data-points fed into its machine learning engine.

Nahata said the company has seen a strong growth in its business despite the lockdown in many parts of the world amid the coronavirus pandemic.

In India, the government has announced extension in the nationwide lockdown till May 3. It has given some relief to the industrial sector. Manufacturing units and industries functioning from Special Economic Zones (SEZs) have been given relief to operate during the lockdown.

The death toll due to Covid-19 has touched 377 in India with number of cases rising to 11439. Globally over 1.2 lakh people have lost their lives and 19 lakh people have been infected by the pandemic.

“While these are difficult times, enterprises are scaling their efforts to enhance efficiency of their supply chain operations to meet the increase in share of online deliveries.

“There may have been a slowdown in our business from auto and manufacturing segments but home delivery segment has seen significant growth, both in India and overseas,” he explained.

The company, which had clocked an annual recurring revenue of USD 10 million in the December 2019 quarter, expects to continue its growth momentum and clock 2.5X-3X increase in revenues in 2020, Nahata said.

FarEye gets about 30 per cent of its revenue from India with the remaining coming from markets like the US and Europe.

The company has about 320 employees and plans to add about 100 more people over the next one year, especially for its product and technology team, Nahata said.