FarEye raises $13 million led by Nilekani’s VC fund1 min read . Updated: 21 Aug 2020, 05:00 PM IST
- The company will use the funds to beef up its technology team in India, invest in the platform’s predictive and prescriptive capabilities and scale business teams in the US, Europe and Singapore
New Delhi: FarEye, a logistics software-as-a-service (SaaS) platform, has raised $13 million as an extension to its Series D round, taking the total funding in the round to $37.5 million.
The funding was led by Infosys co-founder Nandan Nilekani's Fundamentum Partnership, a growth-capital fund for mid-stage technology companies in India, backed by Nilekani and Sanjeev Aggarwal, and Korea’s largest investment firm KB Global Platform Fund.
Nilekani and team are putting in $10 million, while KB Global has added $3 million, said Kushal Nahata, chief executive officer, FarEye.
"We will use the funds to beef up our technology team in India, invest in the platform’s predictive and prescriptive capabilities and scale our business teams in the US, Europe and Singapore," said Nahata.
The funding comes at a time when supply chains and logistics networks have been strained by demands caused due to the covid-19 pandemic. Nahata said that the global pandemic has accelerated the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries. Despite the slowdown and the subsequent effects, FarEye increased its manpower by over 12% during the lockdown.
"We are seeing a surge in the need for real-time visibility in logistics for businesses to build customer-centric supply chains, providing real time tracking," added Nahata.
FarEye’s technology platform digitizes the way enterprises dispatch, execute, track, and optimize the movement of goods, enabling enterprises to lower logistics costs while delighting end consumers.
Investment in logistics space is essential for the economic growth of a nation and FarEye has captured the pulse of this industry and has all the ingredients to head towards global leadership, said Sanjeev Aggarwal, co-founder of Fundamentum.
“... FarEye paves the way for its enterprise customers such as DHL and Walmart to gain flexibility as well as visibility in logistics by providing the easy-to-use platform to manage all moving parts," said Chunsoo Kim, managing director (Head of Global Investment Group) at KB Investment.
This is the second time this year that FarEye has been able to raise funds to support its hyper-growth in global markets. In April, FarEye had raised $24.5 million in Series D from M12 (Microsoft’s venture fund) with participation from Eight Roads Ventures, Honeywell Ventures, and existing investor Saif Partners.