May 27, 2021 | Vanshika Kaushik
Online delivery is serving the needs of customers and is helping companies to reach their maximum growth potential. Every company these days is inclined towards online delivery. From getting food to groceries and even medicines delivered at doorstep, pandemic spurred the demand for online deliveries.
With the tremendous growth of online delivery platforms, Logistics has a major role to play. Logistics lines up the complex patterns and suggest businesses with solutions related to import, export, warehousing and supply of goods.
FarEye, a Noida based supply chain management and logistics startup, generated $1 million revenue in the year 2020.
This startup helps business enterprises to achieve efficiency and speed in the online delivery operations. It also provides route optimization services. The startup is now operating in more than thirty countries; it has registered offices in Singapore, Chicago, London and Dubai.
It offers Intelligent Delivery Orchestration, and enhanced customer experience. It is a SaaS startup, and makes use of software and data analytics to help customers and business enterprises.
To meet its growing business needs FarEye has raised $ 100 million in an E-series funding round. The funding round was backed by TCV and Dragoneer Investment Group, its existing investors Eight Roads Ventures India, HoneyWell Ventures Capital, and Fundamentum also participated in E-series funding.
(Recommended Blog: Supply Chain Management (SCM) - An Overview)
FarEye has previously raised $13 million in a D series round of investment. The company has an annual revenue of $ 27.8 million. In a total of seven funding rounds FarEye has raised $ 150.7 million.
In the past FarEye has acquired two companies namely PY Technology Private Limited, and Dipper.
Series E funding round occurs after Series D round.
Series E funding round helps a company to remain private.
Series E funding helps the company to boost its valuation.
Some companies use E series funding to revive losses.
According to TechCrunch Kushal Nahata, CEO and founder of FarEye said, “Customers are also beginning to place more orders online. “For existing customers, we have seen an increase in volume of orders especially in grocery and food categories.”
Nahata also pointed out that the payments infrastructure that has emerged in India in recent years, creates an additional challenge to tackle for the firm.