FarEye, a New Delhi-based logistics management startup has announced that it has acquired IoT-powered freight logistics marketplace Dipper Technologies in a cash and stock deal.
Both the companies said that the acquisition is a step towards creating a digital freight ecosystem to bring all logistics stakeholders onto one platform. As a part of this transaction, the entire team of Dipper Technologies will be joining FarEye and the company’s customers and products will be migrated as well.
Commenting on this development, FarEye’s chief executive officer Kushal Nahata said:
This investment aligns with our strategy and our goal is to contribute to India’s success story while growing our business across geographies. With Dipper, we will continue to advance the winning of the supply chain ecosystem in India, Middle East, South East, and Europe.
Dipper Technologies serves the long-haul (inter-city) market. It provides a technology platform, enabled with the Internet of Things (IoT) devices including sensors, tracking devices, and electronic consignment notes that seeks to predict the date and time of delivery based on weather, road condition, and previous trips.
Commenting on the acquisition Suryansh Jalan, CEO of Dipper Technologies, said:
We were looking to expand further into logistics and with FarEye, we saw that they had gained a good foothold in the last-mile delivery space whereas we were working on the long-haul market. There was a strong synergy between the combined visions of both the companies to use digital technologies in logistics.
FarEye was founded in 2013 by Kushal Nahata, Gautam Kumar and Gaurav Srivastava. Operating on a software-as-a-series business model, the company offers a flagship logistics management software which it says helps the entire supply chain, from first-mile seller pick-ups to last-mile delivery. It gives organizations real-time visibility and predictive intelligence to ensure on-time deliveries using mobility, data analytics, and automation.
Earlier this year, in February, FarEye secured $9.5 million funding from Deutsche Post DHL Group. In June 2016, it had raised $3.5 million from SAIF Partners and prior to that, it had secured undisclosed funding from an angel investor.