Our India Ventures portoflio company FarEye, today announced that it has raised a $100 million Series E round led by TCV and Dragoneer Investment Group. Existing investors Eight Roads Ventures, Fundamentum and Honeywell also participated in the round.
Founded in the year 2013 by Kushal Nahata, Gaurav Srivastava, & Gautam Kumar, FarEye is addressing a multi billion dollar delivery management market that continues to show double digit year on year growth.
“We are very proud to have TCV and Dragoneer join our established investors to support our progress in becoming a global leader in delivery management,” Kushal Nahata, CEO and co-founder of FarEye, said. “The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861 billion online with U.S. retailers in 2020, up 44% from $598 billion in 2019. The growth and the digital transformation in the logistics sector has created an opportunity for software platforms like FarEye to provide a superior customer experience. Our ambition is to enable thousands of businesses to provide Amazon-Prime-like delivery experience, and we aim to drive innovations that re-imagine how deliveries are being managed globally,” added Nahata.
FarEye currently serves global enterprises across retailers, manufacturers and third-party logistics providers & carriers, including DHL ecommerce, Amway, Domino’s, Walmart, Posti, Gordon Foods, UPS and more. The company’s platform processes over 100 million transactions each month, supports more than 25,000 drivers, and is integrated into a network of over two million vehicles.
FarEye’s growth has accelerated over the last 12 months with particularly strong traction in Europe and North America. These markets collectively comprise over half of revenues and have grown nearly three times in the same period. FarEye was recently recognized by Gartner in their inaugural Magic Quadrant for Real-Time Transportation Visibility Platforms.