Logistics startup FarEye acquires IoT-based freight management platform DipperSohini Mitter
Dipper’s team would be joining FarEye. Its customers would also be migrating to the latter’s network.
Logistics management startup FarEye has acquired of IoT-led freight management platform Dipper Technologies for an undisclosed amount. Dipper offers visibility and predictive intelligence in freight management, especially in long-haul inter-city trips.
Following the acquisition, Dipper’s entire team (20-odd employees) would be joining FarEye. Its customers, including some Fortune 500 companies, would also be migrated to the FarEye network.
FarEye, founded in 2013 by Kushal Nahata Nahata, Gautam Kumar and Gaurav Srivastava, offers a logistics management software that tracks the entire supply chain from first-mile pickups to last-mile deliveries.
The startup operates on a SaaS model, and counts SAIF Partners, Deutsche Post DHL Group, and Singapore-based 23i among its investors. FarEye also offers workforce automation and management solutions to enterprises.
In a statement to the media, FarEye’s CEO Kushal Nahata, said,
“Shippers are losing a lot of time, money and inventory due to unpredicted freight movement. India spends about $160 Billion on road logistics, twice compared to countries with an efficient transportation infrastructure. The Dipper team understood the problem really well and this understanding coupled with a very passionate team and a strong product supplemented FarEye’s existing strength in supply chain industry technology.”
Dipper Technologies was founded in 2015 by Suryansh Jalan and Ayush Syal. Its solution is a mix of IoT devices, SIM cards, smartphones and a wide network of IoT and Enterprise Resource Planning (ERP) providers.
The location data (received from its IoT ecosystem) will be fed into FarEye’s machine learning platform that can then predict the estimated time of arrival in long-haul movements by accounting for delays at tolls and terrains.
Suryansh Jalan, Co-founder & CEO of Dipper said, “We are excited to join hands with FarEye. Our joint comprehensive solution will enable shippers to gain end-to-end visibility of the freight and will give them access to preventive tools for optimising supply chain management. From order creation, allocation, and transit visibility, this suite will cater to the needs of all stakeholders (consignors, transporters, fleet owners and consignees) alike.”