11.8 C
New York
Thursday, December 3, 2020
Home Trends Logistics SaaS startup FarEye raises $13M from Fundamentum Partnership, KB Global

Logistics SaaS startup FarEye raises $13M from Fundamentum Partnership, KB Global

Logistics software company FarEye has raised $13 million (about Rs 97.3 crore) in funding from Nandan Nilekani-backed Fundamentum Partnership and KB Investment.

The latest fundraise is an extension to the company’s Series D round of funding. In April, FarEye had raised $24.5 million (around Rs 183.5 crore) in funding from Microsoft’s venture fund M12, Eight Roads Ventures, Honeywell Ventures, and SAIF Partners.

So far, the company has received $51 million (about Rs 382 crore) in investment.

“The investment will accelerate FarEye’s global expansion to address the steepening digital curve for logistics transformation. The need is being further accelerated by enterprises and end consumers demanding a high level of transparency, faster, and more convenient delivery experiences,” FarEye said in a statement on Friday.

Fundamentum Partnership is a growth-capital fund for mid-stage technology companies in India, backed by Nilekani and Sanjeev Aggarwal, while KB Investment is an investment firm from Korea.

Founded in 2013 by Kushal Nahata, Gaurav Srivastava, and Gautam Kumar, FarEye’s logistics platform enables enterprises to operate, track, and optimise their logistics operations. It has over 150 global clients, including Walmart, DHL, Amway, and Domino’s.

Investment in the logistics space is essential for the economic growth of any nation. FarEye has captured the pulse of this industry and has all the ingredients to head towards global leadership, Aggarwal said.

“We are excited to partner with FarEye as it 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,” Chunsoo Kim, Managing Director (Head of Global Investment Group) at KB Investment, said.

KB Investment is looking forward to FarEye’s contribution to its enterprise customers around the globe both during and post the current pandemic as seamless logistics has never been more vital to their business, Chunsoo added.

“We are seeing a surge in the need for real-time visibility in logistics for businesses to build customer-centric supply chains. With recently raised funds, we will continue to invest in the best talent in the Americas, Europe, and APAC to support our hyper-growth in these regions,” FarEye CEO Kushal said.

Source: Yourstory

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Nearly 100 world leaders to speak at UN session on COVID-19

Nearly 100 world leaders and several dozen ministers are slated to speak at the U.N. General Assembly's special session starting Thursday on the response...

MDH owner Mahashay Dharampal Gulati passes away

Mahashay Dharampal Gulati, owner of the famous spice company MDH Masala, passed away Thursday morning at a city hospital. Gulati (97) was undergoing treatment at...

100% tax exemption for private bus operators in Punjab

The Punjab cabinet approved on Wednesday a tax exemption of 100 per cent for private buses, a move aimed to support the transport sector...

Tata-Mistry case: SC to hear matter on Dec 8

The Supreme Court Wednesday said it would hear on December 8 the cross appeals filed by Tata Sons and Cyrus Investments against appellate tribunal...

Recent Comments

%d bloggers like this: