FarEye helps to enable movement of essential goods
Logistics SaaS platform FarEye, has announced a Series D investment of USD 25 million led by M12 (Microsoft’s venture fund) with participation from Eight Roads Ventures and Honeywell Ventures. Existing investor SAIF Partners also participated in the round.
The company will use the funds to enable movement of essential goods/services and also accelerate growth in Europe where it is an anchor partner for the region’s largest logistics & postal companies such as DHL, Posti Group, Lithuania Post and others.
FarEye recently launched its zero-fee technology SERVE – to support essential & grocery delivering organisations in the time of current crisis. The platform is enabling more than 30,000 essential per day globally and can seamlessly manage any number of increased orders.
Kushal Nahata, CEO, FarEye said: “We deeply value the support and trust of our investors, customers and partners that have been instrumental to our success. Amid this unprecedented global crisis we are working to ensure that our two core principles remain intact – first, enabling efficient movement of goods globally and second, keep our customers and their end consumers at the heart of what we do. We will use this investment to create greater value and improve the experience for our customers by enhancing the platform’s predictive capabilities, increasing platform partnerships, expanding into new markets and growing our teams in Europe, APAC & US.”
“From just-in-time logistics optimization to last-mile transportation notifications for end customers, supply chain visibility is a business imperative for organizations,” said Abhi Kumar, M12 India Head. “FarEye stands out amongst other supply chain solutions for its orchestration and predictive intelligence capabilities, which equip enterprise customers to respond quickly and strategically in dynamic business environments.”
To help ensure businesses can reach their end customers as the world grapples with the COVID-19 pandemic, the company is offering its product ‘Serve’ at a zero-fee to enable the seamless movement of groceries and essential goods in this time of crisis
Shweta Bhatia, Partner Eight Roads Ventures said: “The global pandemic has accelerated the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries. FarEye’s highly configurable last-mile and long-haul logistics platform has been validated by leading global enterprises across the 3PL, retail and manufacturing categories. We are impressed by Kushal and his team’s deep customer-first approach and are proud to support their category leading and comprehensive vision to continuously drive efficiencies and transform the end-user experience.”
“With supply chain and logistics networks becoming so critical in today’s environment, FarEye has proven to be a business-critical provider and enabler of delivery logistics. We strongly believe in the team and the FarEye platform and are excited to help accelerate their growth with our investment,” said Kamal Vasagiri, director of venture capital investments at Honeywell Ventures.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye’s predictive logistics platform enables enterprises to orchestrate, track, and optimize their logistics operations. FarEye empowers enterprises to win by being customer-centric with exceptional delivery experience and efficient movement of goods for both B2C and B2B segments.
Today FarEye serves its customers in over 20 countries and has strong traction with more than 150 global Retailers, CPG companies and Logistics & Transportation providers. In Europe, FarEye is an anchor partner for the region’s largest logistics and postal companies such as DHL, Posti Group, Lithuania Post and others.
