FarEye, the Noida-based logistic firm has announced picking up $13 million as part of extended Series D financing. Infosys co-founder Nandan Nilekani's Fundamentum Partnership led the latest tranche with participation from the Korean investment firm KB Global Platform Fund.
Before this round, the firm had raised $25 million in April this year in the Series D round. Then it was led by Microsoft's venture arm M12. The current financing takes the total investment raised by the company to over $50 million. SAIF Partners, Honeywell Venture Capital, Eight Roads Venture India, Deutsche Post, Nitin Singhal and Indian Angel Network are the other backers of the firm.
The SaaS-based product was launched in 2013 by Gaurav Srivastava, Gautam Kumar, Kushal Nahata. It helps the clients keep track of their operations. Through its technology-powered platform, FarEye helps enterprises dispatch, execute, track, and optimize the movement of their goods, eventually helping them cut down the cost by a significant amount.
Kushal Nahata, the CEO of the firm talking about the way they will use the freshly raised funds said that "We will use the funds to beef up our technology team in India, invest in the platform’s predictive and prescriptive capabilities and scale our business teams in the US, Europe and Singapore."
KB Investment's managing director Chunsoo Kim talking about FarEye said, "FarEye paves the way for its enterprise customers such as DHL and Walmart to gain flexibility as well as visibility in logistics by providing the easy-to-use platform to manage all moving parts."
The funding has come in times when the demand for goods movement is at the highest due to the ongoing COVID-19 pandemic. It will be interesting to see how the firm uses the capital and keeps going upward.
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