FourKites raises $35 million from August Capital, others
New Delhi: FourKites Inc., a start-up that tracks freight shipments for packaged goods makers and retailers, on Thursday said it has raised $35 million in a round led by Silicon Valley-based venture capital firm August Capital.
Existing investors Bain Capital Ventures and Hyde Park Venture Partners also invested as part of the round. Eric Carlborg, a general partner at August Capital, has joined the company’s board.
FourKites is based in Chicago, with a research and development centre in Chennai.
It was founded in 2014 by Mathew Elenjickal and Arun Chandrasekaran. The latter, previously with Groupon India, is the chief technology officer at FourKites.
FourKites’ software solution helps retailers, manufacturers and shippers track their cargo.
A host of companies in India and across the world use technology to optimize logistics and supply chains.
In India, driven by the e-commerce boom, several logistics companies and retailers are investing heavily in technology to track shipments and shorten delivery times.
FourKites claims it uses connections to more than four million GPS (global positioning system) devices and a proprietary algorithm to provide precise arrival time predictions and real-time tracking of cargo over ocean, road and rail routes.
Enterprise shippers also use analytics from FourKites to make real-time decisions to improve on-time delivery rates and optimize supply chain operations.
“Our goal since day one has been to deliver measurable value for our customers by reimagining the way technology can transform their global supply chains,” said chief executive Elenjickal.
The firm currently covers routes in Europe, North and South America. Its clients include top global brands including KraftHeinz, Nestlé, Perdue Foods, Smithfield Foods and US Foods.
It has recently signed deals to track the supply chain for Unilever Plc in Europe and for Anheuser-Busch InBev SA in South Africa.
The latest investment, the company said, will help FourKites expand its operations in Asia and South America. It also plans heavy investment on the product and technology side.
“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 research and development, product and engineering,” said Chandrasekaran.
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