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FarEye raises $100 million in Series E led by TCV and Dragoneer

FarEye raises $100 million in Series E led by TCV and Dragoneer
Photo Credit: 123RF.com
25 May, 2021

Delhi-based RoboticWares, which owns and operates SaaS logistics platform FarEye, has raised $100 million in a Series E round led by new investors Technology Crossover Ventures (TCV) and Dragoneer Investment Group.  

Existing investors Eight Roads Ventures, Fundamentum Partnership and Honeywell participated in the round. 

The capital will be used to accelerate the company’s mission of empowering brands to provide Amazon Prime-like delivery experiences, the company said in a statement. 

FarEye will further focus on expanding its software platform capabilities and drive European and North American expansion.  

As part of the transaction, Gopi Vaddi, general partner at TCV, will join FarEye’s board of directors.    

Till date, FarEye has raised $153 million in external funding rounds, the company said.  

“The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861 billion online with US retailers in 2020, up 44% from $598 billion in 2019. Our ambition is to enable thousands of businesses to provide Amazon-Prime-like delivery experience, and we aim to drive innovations that re-imagine how deliveries are being managed globally,” said Kushal Nahata, CEO and co-founder of FarEye. 

The company had last raised capital in August 2020, when it raised $13 million as part of a growth funding round led by Nandan Nilekani-backed firm Fundamentum.  

Founded in 2013 by Nahata, Gaurav Srivastava and Gautam Kumar, FarEye is a SaaS-based logistics management platform that digitises the way enterprises dispatch, execute, track and optimise the movement of goods. The platform leverages data capabilities to predict the journey and improve delivery experience for a range of business sectors including B2B brands in food, grocery, furniture, pharmacy and carriers. 

FarEye currently serves global enterprises across retailers, manufacturers and third-party logistics providers and carriers, including DHL Ecommerce, Amway, Domino’s, Walmart, Posti, Gordon Foods, UPS and more.  

The company’s platform claims to process over 100 million transactions each month, support more than 25,000 drivers, and is integrated into a network of over two million vehicles.  

In March, FarEye acqui-hired logistics technology startup PY Technology. 

The company recently announced plans to hire 100 technology professionals in India and North America in the year 2021 to capitalise on the demand for direct-to-home deliveries. It projects growth of 2.4x in financial year 2021 (FY20-21), with the United States being its fastest growing market. 

In February, FarEye hired Suvrat Joshi, a technology product leader with over 20 years of industry experience, as their chief product officer (CPO). 

“The logistics and supply chain industry is going through a long awaited software-led creative disruption, led by emerging leaders like FarEye that provide multi-tenant SaaS platforms with low code configuration to enhance visibility to the enterprise and deliver superlative last mile experiences for the end consumer. We have been impressed with FarEye’s platform capabilities and their long-term vision as a key enabler for digital transformation in logistics,” Gopi Vaddi, general partner at TCV, said.