Logistics management software FarEye raises $3.5mn in funding from Saif Partners
FarEye, India’s leading Logistics Management Software, today announced it has just completed its Series A round of funding and has raised $3.5 million (20 crores INR) as growth funds from Saif Partners known for supporting visionary entrepreneurs across the globe.
The funds raised are purely growth funds and this amount will be used for business expansion to other territories. FarEye wants to capitalize on their logistics management expertise and help enterprises across the globe streamline their logistics. FarEye is a productivity tool for enterprises as well as the workforce - FarEye has a strong road-map of product enhancement for next 12 months and adding new features regularly. They plan to integrate with IoT platforms & drones to enable automated delivery.
Commenting on the company’s vision, Mr. Kushal Nahata, Co-founder said “We are profitable B2B startup and believe in organic growth. Our vision is to create a global technology company which stays for decades. We might take time to understand but would like to build things to last long. We are in the path of revolutionizing the entire delivery mechanism by creating the largest virtual network of delivery workforce across regions. Plagued by operational inefficiencies and high costs, the $60,000 billion logistics industry provides a huge opportunity to FarEye. We are here to streamline logistics in all the industry verticals.”
Established in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye was launched with an aim to solve the complicated last mile delivery issues on a mobile platform. The aim of FarEye was to solve the critical problems faced by any business - real time coordination between employees on the go, job execution and customer requests; by moving operations on a mobile. Through FarEye’s automation software companies can schedule & dispatch jobs, monitor execution and analyze performance; all in real time – making enterprises more effective and streamlined. With this FarEye helps companies in selling the experience and not just the product.
With successful use cases for Warehousing, First Mile Pick-Up, Milk Runs, On-demand/Hyperlocal solution, Last Mile Delivery and Reverse pick-ups (90-min & non-time bound) FarEye has become the trusted end-to-end mobility solution for logistics & supply chain leaders. On an average FarEye has been able to increase first time successful job attempts by 22% and save 2.3 man –hours per employee per day.
Mr. Gautam Kumar, Co-Founder, FarEye further adds "We don’t believe ‘one solution fits all’ mantra – we believe that each client has unique requirements and should be provided with a tailor – made solution to address critical operational challenges. In today’s digital age where brand loyalty is redundant, we ensure that our customers deliver on-time commitment and provide exemplary services to their end customer.”
According to the Mr. Gaurav Srivastava, CTO & Co-Founder “It is a known fact that logistics is both- the key to success and cause for failure. We understood that logistics segment required streamlining and restructuring to cater to the ever-growing e-commerce segment in India. Having foresight at that time, we decided to focus on logistics management with technology rather than logistics infrastructure. Business growth in the logistics sector would directly relate to improved service delivery and customer satisfaction across businesses.”
FarEye is headquartered in New Delhi and is trusted by over 75 clients ranging from the exclusive e-commerce solution providers like Ecom express, Gojavas, Holisol etc to the traditional behemoths like DTDC, Blue Dart, Safe Express, Bajaj Capital, Hitachi etc. Globally FarEye has been able to leave its mark by optimizing and automating logistics operations for companies like Zalora, ACommerce, Sephora, MarkaVIP etc in South East Asia and Middle East. Currently, it has a team of 30 and they plan to expand the team for sales, delivery & product and would reach a number of 60 in next few months.