FarEye, an end-to-end, global delivery management platform, on Tuesday announced that it has raised $100 million in Series E round led by TCV and Dragoneer Investment Group. Existing investors including Eight Roads Ventures, Fundamentum, and Honeywell also participated in the round.
The Delhi-based company said the funds will be used to accelerate its mission of empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks.
The logistics SaaS platform will further focus on expanding its software platform capabilities, drive European and North American expansion, and continue to attract world-class talent.
As part of the transaction, Gopi Vaddi, General Partner at TCV, will join FarEye’s board of directors.
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 US retailers in 2020, up 44 percent from $598 billion in 2019. The growth and the digital transformation in the logistics sector have 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,” he added.
FarEye Founders (L-R): Gautam Kumar, Gaurav Srivastava, Kushal Nahata
Founded in 2013 by Kushal Nahata, Gaurav Srivastava, and Gautam Kumar, FarEye’s platform is used by brands to launch multiple delivery models like same-day, next-day, on-demand, and curbside from multiple inventory locations.
The company claims that it currently serves global enterprises across retailers, manufacturers, and third-party logistics providers and carriers, including DHL ecommerce, Amway, Domino’s, Walmart, Posti, Gordon Foods, UPS, and more.
The 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 claims to have accelerated over the last 12 months with particularly strong traction in Europe and North America which collectively comprise over half of the revenues and have grown nearly three times in the same period.
Gopi Vaddi, General Partner at TCV, said,
“The logistics and supply chain industry is going through a long awaited software-led creative disruption, led by emerging leaders like FarEye that provide multi-tenant SaaS platforms with low code configuration to enhance visibility to the enterprise and deliver superlative last mile experiences for the end consumer.”
“FarEye’s leading delivery management platform provides impressive visibility and control across the supply chain, which has never been more critical for retailers, manufacturers, and 3PLs,” added Eric Jones, Partner at Dragoneer Investment Group.