Logistics management software FarEye raises $3.5 mn from Saif Partners

FarEye, a logistics management software, today announced it has completed its Series A round and raised $3.5 million (around Rs 20 crore) as growth funds from Saif Partners known for supporting visionary entrepreneurs across the globe.

The funds raised would support company's growth and will be used for business expansion to other territories. FarEye wants to capitalise on their logistics management expertise and help enterprises across the globe streamline their logistics.

FarEye has a 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.

 

Kushal Nahata, co-founder of the company said, "We are profitable B2B startup and believe in organic growth."

He added, plagued by operational inefficiencies and high costs, the $60,000 billion logistics industry provides a huge opportunity to FarEye. The company was established in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar.

FarEye is headquartered in New Delhi and got 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 West Asia. 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.