Logistics SaaS startup FarEye raises $100 million in fresh funding

By: |
May 26, 2021 1:15 AM

The investment, part of the company’s Series E financial round, also saw participation from existing backers Eight Road Ventures, Fundamentum and Honeywell.

In August last year, the company had raised $13 million as an extension to its series D round.Of 50,000 startups recognized by DPIIT, 19,896 were recognized in the past 12 months

Logistics software-as-a-service (SaaS) start-up FarEye has raised $100 million in funding led by new investors TCV and Dragoneer Investment Group.

The investment, part of the company’s Series E financial round, also saw participation from existing backers Eight Road Ventures, Fundamentum and Honeywell.

As part of the transaction, Gopi Vaddi, general partner at TCV will join FarEye’s board of directors. Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye is a logistics and supply chain management platform that helps businesses across sectors ranging from grocery to third-party logistics providers to fulfil deliveries at reduced cost and provide a better consumer experience.

The Noida-based company caters to enterprises across more than 30 countries and counts Walmart, Amway and Domino’s among its clients.

The company said that brands use its services to launch multiple delivery models like same-day, next-day, on-demand, and acurbside from multiple inventory locations. The firm claims to process over 100 million transactions each month.

The fresh capital will be used to enable brands to provide Amazon Prime-like delivery experiences. Besides, part of the funds will be deployed to build on its software platform capabilities, drive European and North American expansion and hire new talents, the company said in a statement.

In August last year, the company had raised $13 million as an extension to its series D round.

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