[Funding alert] Logistics SaaS startup FarEye raises $13M from Fundamentum Partnership, KB Global
Logistics software companyhas raised $13 million (about Rs 97.3 crore) in funding from Nandan Nilekani-backed Fundamentum Partnership and KB Investment.
The latest fundraise is an extension to the company's Series D round of funding. In April, FarEye had raised $24.5 million (around Rs 183.5 crore) in funding from Microsoft's venture fund M12, Eight Roads Ventures, Honeywell Ventures, and SAIF Partners.
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So far, the company has received $51 million (about Rs 382 crore) in investment.
"The investment will accelerate FarEye's 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," FarEye said in a statement on Friday.
Fundamentum Partnership is a growth-capital fund for mid-stage technology companies in India, backed by Nilekani and Sanjeev Aggarwal, while KB Investment is an investment firm from Korea.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava, and Gautam Kumar, FarEye's logistics platform enables enterprises to operate, track, and optimise their logistics operations. It has over 150 global clients, including Walmart, DHL, Amway, and Domino's.
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, Aggarwal said.
"We are excited to partner with FarEye as it 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," Chunsoo Kim, Managing Director (Head of Global Investment Group) at KB Investment, said.
KB Investment is looking forward to FarEye's contribution to its enterprise customers around the globe both during and post the current pandemic as seamless logistics has never been more vital to their business, Chunsoo added.
"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," FarEye CEO Kushal said.