India-headquartered logistics SaaS platform FarEye today announced a Series D investment of $25m led by M12, Microsoft’s venture fund.
FarEye handles more than 10 million transactions everyday on its platform and provides decision-making based on one billion plus data-points fed into its machine-learning engine.
The platform’s ability to digitise 3PL carriers’ operations and quickly integrate with external systems for predictive visibility drove the investment, said investors that also included Eight Roads Ventures, Honeywell Ventures and existing investor, SAIF Partners.
“The global pandemic has accelerated the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries,” said Shweta Bhatia, partner at Eight Roads Ventures.
“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,” said Kushal Nahata, CEO of FarEye.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye’s predictive logistics platform enables B2B and B2C enterprises to orchestrate, track, and optimise their logistics operations.
To help ensure businesses can reach their end customers during the pandemic, the company is offering its product ‘Serve’ for no cost, to enable the seamless movement of groceries and essential goods.
The company is present across 20 countries and has traction with more than 150 global retailers.
Its MENA clients include Saudi retail pharmacy chain Nahdi Medical Company, Landmark Group and Emirates Post, while its US clients include DHL, Amway, Dominos and Walmart.