FarEye, a logistics management software provider, today said it has raised USD 3.5 million (Rs 20 crore) from SAIF Partners.
The series A funding will be used for business expansion to other territories, FarEye said in a statement.
There is a strong road-map of product enhancement for next 12 months and new features will be added regularly, it added.
The company plans to integrate with IoT platforms and drones to enable automated delivery.
“We are profitable B2B startup and believe in organic growth. Plagued by operational inefficiencies and high costs, the USD 60,000 billion logistics industry provides a huge opportunity to FarEye. We are here to streamline logistics in all industry verticals,” FarEye co-founder Kushal Nahata said.
Established in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye aims to solve last mile delivery issues on a mobile platform. Through FarEyes automation software, companies can schedule and dispatch jobs, monitor execution and analyse performance in real time.
FarEye is headquartered in New Delhi and has over 75 clients like Ecom express, Gojavas, Holisol, DTDC, Blue Dart, Safe Express and Bajaj Capital.
Currently, it has a team of 30 and it plans to expand it to 60 in next few months across sales, delivery and product functions.