New Delhi-based logistics management software, FarEye, announced closure of a $3.5 Million (INR 20 Crore) Series A funding round led by SAIF Partners. The company said that the new capital will be used to expand its business to other territories.
The company was founded by Kushal Nahata, Gaurav Srivastava and Gautam Kumar in 2013 with an aim to solve last mile delivery issues on a mobile platform. It is basically a SaaS mobility platform. Previously, the company had raised funding from Indian Angel Network in 2014.
The platform allows companies to schedule and dispatch jobs, monitor execution and analyse performance of their logistics department in real-time. It hence enables the enterprise to measure and standardize processes and provide reusable processes that can be networked. This is all possible because of FarEye’s automation software and makes enterprises more effective and streamlined.
The company further claims, that by coordinating and standardizing the activities, processes are made efficient and maximize the value they create while lowering the costs when compared to a non-standardizing approach of executing activities.
Once a client adopts FarEye’s platform, it also gets access to the platform’s advanced and seamless analytics features. The dashboard helps companies to get a broader and detailed picture of the root cause and effect of issues, which helps in enabling you to take corrective and/or preventive actions in a timely manner by delivering important, immediate insight into what is actually happening during the service day.
Fareye’s platform also offers predictive analysis, which — as the name suggests — can be used to predict likelihoods of future outcomes. With the consumption of generated insights by FarEye., companies can have a clear understanding on :
- What is likely to happen next?
- Where the demand is growing?
At last, there are also heat maps, which help clients in generating descriptive and predictive analytics like what happened in till now, what is likely to happen and helps you in analyzing and planning it on the field.
Fareye has some very impressive numbers. The company claims, that on an average its clients have seen the following impact: 40% reduction in field service cost, 28% in fuel expenses, increased productivity-23% increase in first-time delivery attempts and 40% increase in the jobs per day, and 73% decrease in delivery complain calls.
The company boasts of 80,000+ workforce on the platform and is currently, doing a whopping 60,00,000+ transactions per month.
The company is currently operational not just locally, but also globally. It is currently providing services to over 75 clients including Ecom express, Gojavas, Holisol, DTDC, Blue Dart, Safe Express, Bajaj Capital and Hitachi. Its global clients include companies like Zalora, ACommerce, Sephora, MarkaVIP, etc in South East Asia and the Middle East.
The Road Ahead
The company comprises of a team of 30 personnel and is hoping to double this number by the end of this year. It is also one of the startups that has been selected for the InTech50 2016 which is the flagship event of iSPIRT & Terenne Global Leadership Network.
The company will use the new capital raised will apparently be used as growth funds in order to expand its services to newer locations. Reportedly, the founders have a strong roadmap of product enhancement for next 12 months. New features the company is planning to introduce in the future include integration with IoT platforms and drones to enable automated delivery.
Kushal Nahata, co-founder of FarEye, said,
We are a profitable B2B startup and believe in organic growth. Our vision is to create a global technology company which stays for decades. Plagued by operational inefficiencies and high costs, the $60,000 Bn logistics industry provides a huge opportunity to FarEye. We are here to streamline logistics in all the industry verticals. We are in the path of revolutionizing the entire delivery mechanism by creating the largest virtual network of delivery workforce across regions.