SAIF commits $3.5m to India's FarEye

FarEye will use the new capital to expand its business into new territories, according to Indian media reports linked from the company's Twitter feed. It will also continue to revise its product, add new features and integrate with more e-commerce platforms.

The company targets the last-mile logistics needs of online businesses, allowing clients to schedule and dispatch jobs while analyzing its performance in order to identify areas for improvement. FarEye provides its service via a mobile app to allow greater coordination between central office managers, field workers and customers.

Founded in 2013, FarEye previously raised INR20 million ($330,0000) from Indian Angel Network in September 2014. The company claims to have more than 75 clients, including e-commerce solution providers Ecom Express and Gojavas. It has also worked with overseas operators such as Zalora, ACommerce and Sephora to help automate and optimize their logistics operations.

SAIF India is currently investing out of its second fund, which launched in 2014 and closed in 2015 at $350 million. SAIF India Fund II supports Indian start-ups from seed stage to growth stage rounds in a range of sectors, including information technology, financial services, media, telecommunications, and travel and hospitality. Investments from the fund include a $35 million round for food delivery platform Swiggy alongside Norwest Venture Partners and Accel Partners, and a $12 million Series A round for online tax filing website ClearTax.

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• Topics
• South Asia
• Support services
• Technology
• Early-stage
• Venture
• India
• SAIF Partners
• TMT