Logistics management startup FarEye raises $3.5M funding from SAIF Partners
Delhi-based FarEye, logistics management software, has raised $3.5 million in Series A round of funding from SAIF Partners. The company plans to divert funds for business expansion in other territories.
It says that it aims to capitalize on their logistics management expertise and help enterprises across the globe streamline their logistics. They plan to integrate with IoT platforms and drones to enable automated delivery.
“Our vision is to create a global technology company which stays for decades. Plagued by operational inefficiencies and high costs, the $60,000 billion logistics industry provides a huge opportunity to FarEye,” says Kushal Nahata, Co-founder, FarEye.
Launched in 2013, FarEye was launched with an aim to solve the complicated last mile delivery issues on a mobile platform. The aim of FarEye was to solve the critical problems faced by any business - real time coordination between employees on the go, job execution and customer requests; by moving operations on a mobile.
Through FarEye’s automation software companies can schedule & dispatch jobs, monitor execution and analyze performance; all in real time – making enterprises more effective and streamlined. With this FarEye helps companies in selling the experience and not just the product.
Kushal adds that he might take time to understand but would like to build things to last long. The venture is in the path of revolutionizing the entire delivery mechanism by creating the largest virtual network of delivery workforce across regions. It’s here to streamline logistics in all the industry verticals. It is a profitable B2B startup and believes in organic growth.
Founded by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye raised funding from Indian Angel Network in September 2014. IAN investors, Nitin Jain and Piyush Chawla led the investment round in the start-up. Nitin and Piyush joined the Fareye board.
Headquartered in New Delhi with offices in Mumbai, Bengaluru and Bangkok, has over 75 clients ranging from the e-commerce solution providers like Ecom express, Gojavas, Holisol to the traditional behemoths like DTDC, Blue Dart, Safe Express, Bajaj Capital, Hitachi etc. Globally, they claim to have been able to leave its mark by optimizing and automating logistics operations for companies like Zalora, ACommerce, Sephora, and MarkaVIP. Currently, it has a team of 30 and they plan to expand the team for sales, delivery & product and would reach a number of 60 in next few months.
According to a 2014 survey — India Enterprise Mobility —, mobility is a top priority for most organisations with 71 per cent saying they either have a mobility policy or are at present in the process of drafting one.
The survey, covering 407 IT heads across various industries, was conducted to map the requirements and opportunities in Indian enterprise mobility market.
About 66 per cent respondents said mobility solutions helped firms in real-time data collection and reporting from mobile workers, while 56 per cent said it helped in reducing paper work, administration time and expenses.
The top three investment areas for enterprise mobility include business consulting services, telecom expense management solutions and mobile device management solution.