The logistics-tech firm gives businesses real-time visibility and predictive intelligence, ensuring on-time deliveries and business excellence.
Over the past few years, the evolution of both technology and the internet has significantly fueled the growth of e-commerce in India. Back in 2013, when the e-commerce market was starting to bloom in the country, three engineering graduates—Kushal Nahata, Gautam Kumar and Gaurav Srivastava — were thinking ahead of time. While customers were placing orders online, they were unable to track their orders. The trio identified the underlying gap in the ecosystem and dedicated themselves to solving it. FarEye, thus, started as a solution to remove the information black hole that existed in logistics operations, add a layer of visibility and help enterprises in the efficient movement of goods.
Today FarEye leverages niche technologies such as Machine Learning, Artificial Intelligence, IoT gamification and analytics technologies to empower global enterprises with comprehensive and predictive visibility of the supply chain to shippers and carriers and helps them to take data-driven intelligent decisions.
Starting with Jabong’s logistics arm GoJavas in 2013 as its first customer, FarEye now works with the largest enterprises in the world including DHL, Walmart, Tata Steel, Hilti, and Amway, enabling them to digitalise and run their logistics operations efficiently. Today, it is a well-acknowledged player in the industry and is said to be one of India’s fastest propelling startups facilitating 10 million-plus transactions per day across 20-plus countries for more than 150 customers.
In November 2018, FarEye acquired Dipper Technologies, an IoT based platform that provides visibility and predictability in freight movement, reinforcing its plans to solve challenges by having cutting-edge technology for carriers and shippers in moving goods.
Kushal Nahata, CEO and co-founder of FarEye, says the startup is in a hyper growth phase. “With 280% increase in ARR year-on-year and clocking triple-digit revenue growth for the past three years, FarEye is now targeting a 325% growth in revenue this fiscal,” he says.
The startup has been funded by IAN, SAIF Partners and 23i. “We are growing rapidly and aim to reach 3X revenue in the coming year, with major customer acquisitions in India, US, Europe, Asia Pacific and Middle East,” he informs.
With three new articulated product lines – FarEye Delivery, FarEye Fulfilment and FarEye Transportation — and a formidable position in its area of operation in India, FarEye is poised for rapid global expansion with offices in Chicago, London, Dubai and Singapore to enable manufacturers, retailers, third-party logistics with its offerings. The startup is looking to strengthen its integration capabilities to offer a complete plug-and-play model to businesses. With over 300 employees currently, the startup plans to hire 100 more employees in this fiscal, in order to accelerate its product development further.
“Logistics spend globally is $10.6 trillion, out of which 70% is on transportation. However, there is scope to save $10 on every $100 of freight by optimising returns, resource utilisation, cycle time and fragmented logistics processes resulting in savings of about $700 billion,” says Nahata. He says this would increase profitability and reduce the cost of goods, building a market scope for $70 billion in digital logistics—visibility, predictability and optimisation.
“At FarEye we are constantly working towards empowering global leaders to optimise logistics processes by giving them real-time and predictive visibility and operational intelligence” says Nahata.