The global logistics market is projected to reach $12.256 trillion by 2022. However, carriers and shippers continue to face challenges like delivery delays, lack of flexibility, inaccurate addresses, and first attempt failures negatively impact customer experience and profitability of courier, express & parcel businesses. Enter FarEye, a Singapore-based tech startup and a provider of predictive logistics platform for businesses to execute, track, collaborate, predict, and optimize the movement of goods.
Today, FarEye announced it has raised an additional $13 million Series D extension led by The Fundamentum Partnership, the growth-capital fund for mid-stage technology companies in India backed by Nandan Nilekani and Sanjeev Aggarwal and KB Global Platform Fund.
FarEye will use the new capital infusion to accelerate its global expansion to address the steepening digital curve for logistics transformation. The need is being further accelerated by enterprises and end consumers demanding a high level of transparency, faster and more convenient delivery experiences.
This is the second time this year that FarEye has been able to raise funds to support its hyper-growth in global markets, making it a total of USD 51 Mn investment so far. In April, FarEye had raised USD 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.
Founded in 2013 by Gaurav Srivastava, Gautam Kumar, and Kushal Nahata, FarEye is a logistics SaaS platform that enables brands to orchestrate, track, and optimize their logistics operations. Through its machine-learning-based platform, FarEye helps global enterprises to shrink delivery time by up to 27%, increase courier productivity by up to 15%, eliminate risks by up to 57%.
FarEye works with its enterprise customers to provide higher control on their supply chains and offer a superior delivery experience to their end customers. The company’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.
“The support and trust of our investors, customers, and partners underpin our deep desire to make logistics better for brands, their customers, and the environment. We are seeing a surge in the need for real-time visibility in logistics for businesses to build customer-centric supply chains. With recently raised funds, we will continue to invest in the best talent in the Americas, Europe, and APAC to support our hyper-growth in these regions. With a vision to make FarEye one of the most customer-centric organizations globally, we aim to make every delivery delightful for the consumers,” said Kushal Nahata, CEO, FarEye.
Commenting on the investment Sanjeev Aggarwal, Co-founder of Fundamentum, said, “Investment in the logistics space is essential for the economic growth of any nation. FarEye has captured the pulse of this industry and has all the ingredients to head towards global leadership. I believe in the founders and the team has the clarity of vision. We are excited to partner with FarEye in its journey to create a global technology leader in the logistics space.”
