FarEye announced a Series D investment of $25 million led by M12 (Microsoft’s venture fund) with participation fromEight Roads Ventures and Honeywell Ventures. Existing investor SAIF Partners also participated in the round.
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.
Amidst the uncertainties triggered by the COVID-19 pandemic and lockdowns, this is a transformative disruption for the global supply chain community. For FarEye, this investment will fuel the organization’s vision of enabling efficient movement of goods globally and last mile with our proprietary technology.
FarEye recently launched its zero-fee technology SERVE - to support essential & grocery delivering organizations 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.
Lockdown across the globe has made online and home deliveries the preferred mode to buy essentials such as food, grocery, medicine and more. FarEye will leverage this investment to empower businesses to scale their delivery operations by making its technology available worldwide to eliminate supply chain black-box.
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.
“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,” says Kushal Nahata, CEO, FarEye.
“From just-in-time logistics optimization to last-mile transportation notifications for end customers, supply chain visibility is a business imperative for organizations,” says 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,” says Kamal Vasagiri, director of venture capital investments at Honeywell Ventures.