FarEye, an Indian SaaS startup that helps firms globally optimize their supply chain and logistics operations, announced it has raised a new financing round, its third since the pandemic broke last year, as it looks to further expand in international markets.
The Noida-headquartered startup has raised $100 million in its Series E round, which was co-led by high-profile backers TCV and Dragoneer Investment Group. Existing investors Eight Roads Ventures, Fundamentum, Honeywell also participated in the round, which takes the seven-and-a-half-year-old startup’s to-date raise to about $153 million.
FarEye helps companies orchestrate, track and optimize their logistics operations. The startup’s flagship logistics management software supports the entire supply chain — from first-mile seller pickups to last-mile delivery — to provide end-to-end logistics visibility, reduce operational costs and improve customer experience.
One use case of FarEye’s technology, as we wrote last year:
Say you order a pizza from Domino’s, the eatery uses FarEye’s service, which integrates into the system it is using to quickly inform the customer how long they need to wait for the food to reach them.
Behind the scenes, FarEye is helping Domino’s evaluate a number of moving pieces. How many delivery people are in the vicinity? Can it bundle a few orders? What’s the maximum number of items one can carry? How experienced is the delivery person? What’s the best route to reach the customer? And, would the restaurant need the same number of delivery people the following day?
The startup works with over 150 e-commerce and delivery companies globally — including popular names such as Walmart, UPS, DHL e-commerce, Domino’s, Posti, Gordon Foods and Amway — and processes over 100 million transactions each month.
More than two million vehicles and over 25,000 drivers are on FarEye’s platform today.
The coronavirus pandemic has helped the business as more companies, including large FMCG brands and retailers, begin to engage directly with customers, sort out their logistics and look for optimizing the cost, said Nahata in an interview.
“It’s not like these companies didn’t know,” Nahata said, referring to companies building and digitizing their own logistics. “Earlier this was on their three-to-five year plans, but now they want to deploy this within a quarter.”