RoboticWares, the Delhi-based startup that owns and operates logistics management platform FarEye, is in line to close a $40 million funding round from a consortium that includes new and returning investors. The round, likely the startup’s Series C round, is expected to be led by Eight Roads Ventures, the proprietary investment arm of Fidelity International.
The round is slated to be announced next week, a person privy to the transaction told TechCircle on the condition of anonymity. “The term sheets have just been signed with the incoming investors,” said a second person aware of the development.
FarEye co-founder and CEO Kushal Nahata and existing investor SAIF Partners did not respond to queries from TechCircle on the funding round. A spokesperson at Mumbai-based Eight Roads declined comment.
Seven-year old FarEye last raised capital in February 2018 when Germany’s Deutsche Post DHL Group led a $9.56 million round in the company. It raised a $3.5 million Series A round from multi-stage investment firm SAIF Partners in June 2016.
Founded by Nahata, Gautam Kumar and Gaurav Srivastava, FarEye is a SaaS (software as a service) based logistics management platform that is used across sectors by companies such as DHL International, Blue Dart Express, Walmart, Hilti, Future Enterprises-owned Future Supply Chain and Amway Corp.
The startup recently joined hands with Hindustan Zinc to enable the latter to reduce dependency on manual processes, enhance logistics efficiency and mitigate risks in building a digital control tower. It also inked a deal with Gurugram-based online food delivery company Zomato in August 2019. It powers Zomato with its intelligent route optimisation engine to reduce the cost of pickups and deliveries.
Logistics technology startups have gained significant traction with the markets and investors over the past couple of years. attracting investor interest . Last month, Chennai-based Pando raised $9 million in a Series A funding round led by Chiratae Ventures. Companies such as Xpressbees, Ecom Express and Rivigo also raised recent funding rounds.