FarEye raises US$37.5m to expand logistics platform
Indian logistics SaaS platform specialist FarEye has raised an additional US$37.5m as an extension to its Series D investment led by The Fundamentum Partnership.
The investment will accelerate FarEye’s global expansion to address the steepening digital curve for logistics transformation, as, according to the company, the need is being further accelerated by enterprises and end consumers demanding a high level of transparency, faster and more convenient delivery experiences.
There is also an increased need for flexible supply chains to meet these demands.
The Fundamentum Partnership is a growth-capital fund for mid-stage technology companies in India backed by Nandan Nilekani and Sanjeev Aggarwal and KB Global Platform Fund, one of the leading investment firm of Korea.
Kushal Nahata, CEO, FarEye, commented: “The support and trust of our investors, customers, and partners underpin our deep desire to make logistics better for brands, their customers, and the environment.
“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.”
Nahata added: “With a vision to make FarEye one of the most customer-centric organizations globally, we aim to make every delivery delightful for the consumers.”
The company works with its enterprise customers to provide higher control on their supply chains and offer a superior delivery experience to their end customers. Far Eye’s technology platform digitizes the way enterprises dispatch, execute, track, and optimize the movement of goods, enabling enterprises to lower logistics costs while delighting end consumers.
Sanjeev Aggarwal, Co-founder of Fundamentum, went on to explain: “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.
“I believe in the founders and the team has the clarity of vision. We are excited to partner with FarEye in its journey to create a global technology leader in the logistics space.”
This is the second time this year that FarEye has been able to raise funds to support its hyper-growth in global markets, making it a total of US$51m investment so far.
In April, FarEye raised US$24.5 Million in Series D from M12 (Microsoft's venture fund) with participation from Eight Roads Ventures, Honeywell Ventures, and existing investor SAIF Partners.
With a clear mandate to establish Singapore as their hub for international expansion, FarEye recently named Singapore-based ex-Blue Yonder Veteran Amit Bagga as its Chief Revenue Officer. His appointment comes as FarEye undertakes aggressive plans for global expansion.
Bagga has established FarEye’s field headquarters in Singapore with investments in sales, solutions, services, and customer success teams, and continues to accelerate investments in the company's expansion into Europe and the Americas.
Chunsoo Kim, Managing Director (Head of Global Investment Group) at KB Investment, pointed out: “Logistics is the backbone of any given economy, and yet it has been a difficult space to innovate. 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.
“The newly raised capital will allow the team to deliver additional value to its enterprise customers by bringing in more global talents who will ultimately contribute to the advancement of the platform's predictive capabilities and customer services.
“We look 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. We have been deeply impressed with FarEye's response during the pandemic as a global leader in the logistics SaaS space."