FarEye a New Delhi based logistics management software has raised $3.5 million in its Series A round of funding from SAIF Partners. The funds will be utilised for business expansion.
the three-year old startup said in a statement. “FarEye wants to capitalise on its logistics management expertise and help enterprises across the globe streamline their logistics,” it added.
It was founded in 2013 by Kushal Nahata, Gautam Kumar and Gaurav Srivastava. It was launched to solve the last mile delivery issues on mobile platform. With its software companies can dispatch & schedule jobs, analyse performance and monitor execution in real time.
With a team of 30 people currently working it plans to double its staff strength & hire moore people in delivery, product divisions and sales.
The features supported by the software includes on-demand dispatch for just-in-time requests, automated routing for dispatch, live performance dashboard for multiple branches, capacity planning, analytics, ePoD capture & geo co-ordinates, expected time of arrival & live tracking to customer, security with in-built mobile device management and one-touch assist buttons for employees on-the-go.
Kushal Nahata, co-founder of FarEye, said,
“We are a profitable B2B startup and believe in organic growth. Our vision is to create a global technology company which stays for decades. Plagued by operational inefficiencies and high costs, the $60,000 Billon logistics industry provides a huge opportunity to FarEye. We are here to streamline logistics in all the industry verticals. We are in the path of revolutionizing the entire delivery mechanism by creating the largest virtual network of delivery workforce across regions.”
The startup claims to have become a trusted end to end mobility solution for supply chain and logistics leaders with successful use cases for first mile pick up, warehousing, on-demand or hyperlocal solution, reverse pick-ups, first mile pick-ups, and last mile delivery.
It has more than 75 clients listed which includes Blue Dart, Gojavas, DTDC, E-com express, Holisol, Safe Express, Hitachi, Bajaj Capital, etc. It’s global customers includes MarkaVIP, ACommerce, Zalora, and Sephora etc, mainly in Middle East and South East Asia.
In 2014 FarEye raised funding from IAN. It has also been selected for InTech50 2016, the flagship event of Terenne Global Leadership Network and iSPIRT. It competitors include Delhivery and LogiNext.