Logistics firm FarEye buys Dipper Technologies
The acquisition of Dipper Technologies will improve FarEye’s last-mile delivery with greater accuracy using Dipper’s analytics, says FarEye founder Kushal Nahata
Mumbai: RoboticWares Pvt. Ltd, which runs logistics platform FarEye, has acquired freight logistics marketplace Dipper Technologies in a cash and stock transaction, a senior company executive said. Founded by Kushal Nahata, Gautam Kumar and Gaurav Srivastava, FarEye helps logistics firms manage their supply chains and deliveries with its software-as-a-service (SaaS) business model. It gives organizations real-time visibility and predictive intelligence to ensure on-time deliveries using mobility, data analytics and automation.
“This acquisition will help us further our position as a leader of last-mile delivery, and provide greater clarity for delivery accuracy with Dipper’s analytics,” Nahata said in a telephonic interview. He, however, refused to disclose financial details of the deal.
Dipper runs a machine learning-based platform which seeks to predict the date and time of delivery, on the basis of factors such as weather, road condition and previous trips, said Nahata, adding that after a few trips, the accuracy rate of these predictions touches 95% or more.
Dipper’s 20 employees will be absorbed into FarEye, which employs about 150 people. The company will be rebranded as FarEye Transportation.
FarEye’s clients include logistics firms Blue Dart and First Flight, as well as companies from other sectors such as Tata Steel Ltd and Landmark Group. Nahata plans to go deeper and have more clients from the minerals, metals and industrial goods space. “We are massively scaling our product and engineering team, from 60 right now, to about 120 by the end of next year.”
FarEye generates 70% of its revenue from overseas clients, including German logistics giant DHL International GmbH, multilevel marketing firm Amway Corp. and US-based retailer Walmart Inc., he said.
FarEye had raised around $9.5 million in February from strategic investment firm Deutsche Post DHL Group. In June 2016, it had raised $3.5 million from SAIF Partners. In 2016, Dipper had raised an undisclosed amount from an angel investor.
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