Chennai-based predictive supply chain start-up FourKites on Thursday announced raising $35 million in Series B funding to further its geographic and product expansion.
Chennai-based predictive supply chain start-up FourKites on Thursday announced raising $35 million in Series B funding to further its geographic and product expansion. August Capital led the round, with additional investment from existing investors Bain Capital Ventures and Hyde Park Venture Partners. Eric Carlborg, general partner at August Capital, will join the FourKites board. The Series B money raise brings total funding received to $ 51 million. With this, it plans to double its talent pool in India and US this year. According to a company release, FourKites has grown revenue by 400% over the last 12 months and is now signing large shipper customers at a rate of 1 per week. The firm recently signed international deals with Unilever for supply chain tracking across Europe, and with AB InBev in South Africa.
Arun Chandrasekaran, co-founder & CTO, FourKites, said: “The funding will further fuel the company’s plan to double its engineering talent pool and also build new teams by the end of calendar year 2018. We are going to be heavily investing in R&D, products and engineering. This includes omni-modal tracking and end to end visibility solutions and our predictive analytics capabilities.”