FarEye raises $100 million in a Series E funding round led by TCV and Dragoneer Investment Group

SaaS News -Indian-logistics-SaaS-startup-FarEye-raises-$100-million(source: SaaS Industry)
At a Glance

TCV and Dragoneer Investment Group led a $100 million Series E fundraising round for FarEye, an Indian logistics SaaS business. This round of funding increases the startup’s overall funding to more than $153 million in its seven-and-a-half-year lifespan. FarEye has clients in many countries, including the United States, Europe, and Singapore.

FarEye, an Indian logistics SaaS startup, has raised $100 million in a Series E funding round led by TCV and Dragoneer Investment Group. Other participants include existing investors, Eight Roads Ventures, Fundamentum, Honeywell.

This investment brings the startup’s total funding to over $153 million in its seven-and-a-half-year history. With this third round of investment since the epidemic broke last year, FarEye intends to grow deeper into international markets.

FarEye enables businesses to manage, track, and improve their logistics operations. The startup’s core logistics management platform spans the whole supply chain, from first-mile seller pickups to last-mile delivery, to give end-to-end logistical insight, decrease operational expenses, and improve customer experience.

Kushal Nahata, one of the co-founders, said that the coronavirus epidemic had aided the company as more enterprises, incredibly huge FMCG (Fast Moving Consumer Goods) brands and merchants, begin to interact directly with customers, sort out their logistics, and search for cost-cutting opportunities. 

It’s not like these companies didn’t know [Digital Transformation]. Earlier, this was on their three-to-five-year plans, but now they want to deploy this within a quarter.

Eric Jones

Gopi Vaddi, General Partner at TCV, said, “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 consume.”

According to Nahata, the firm did not expect Western markets to have similar logistics concerns as India and other Asian countries. Yet, despite the expansion of e-commerce in some areas, specific common underlying problems persist.

Talking about the investment, Eric Jones, partner at Dragoneer Investment Group, said that FarEye’s leading delivery management technology gives outstanding visibility and control across the supply chain, which has never been more critical for retailers, manufacturers, and third-party logistics providers (3PLs).

We look forward to partnering with FarEye as they continue to redefine how products are delivered across diverse logistics networks and expand their footprint in Europe and North America.

Eric Jones

FarEye collaborates with over 150 e-commerce and delivery firms worldwide, including well-known brands like Walmart, UPS, DHL eCommerce, Domino’s, Posti, Gordon Foods, and Amway, and handles over 100 million transactions a month. And it has over two million vehicles and over 25,000 drivers on its platform.

Founded in 2014 by Gautam Kumar, Gaurav Srivatsava, and Kushal Nahata, the startup now has clients in numerous foreign markets, including the United States, Europe, and Singapore, which accounts for more than half of the startup’s income.

The business hired a new CRO (Amit Bagga — formerly president of APAC at BlueYonder and strategic sales leader at Oracle) and a new CPO (Suvrat Joshi — a previous executive at Dropbox, Amazon, Facebook, and Microsoft.) Nahata said that the company is trying to grow its personnel and is interested in acquiring smaller companies in foreign markets.

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