India's FarEye raises $100m Series E
US-based VCs TCV and Dragoneer Investment Group have led a $100 million Series E round for FarEye, an Indian logistics software-as-a-service platform focused on Western markets.
Eight Roads Ventures, The Fundamentum Partnership, and Honeywell Ventures, each of which participated in a $13 million round in 2020, re-upped. That round was an extension of a $25 million Series D led by M12, Microsoft’s corporate VC arm, earlier the same year.
Total investment since inception in 2013 now amounts to more than $140 million. Other previous backers include Korea’s KB Investment, SAIF Partners, Indian Angel Network, and Microsoft Accelerator Bangalore.
FarEye aims to help retailers, manufacturers, and third-party logistics providers realize deliveries at reduced cost and with superior customer experience with a more intuitive, user-friendly platform interface. The offering is said to facilitate end-to-end order processing, including same-day, next-day, on-demand, and curbside deliveries. Clients include DHL ecommerce, Dominos, Walmart, and UPS.
The company processes more than 100 million transactions a month, supports 25,000 drivers, and leverages a network of two million vehicles. It claims to have seen rapid uptake in the past 12 months, especially in Europe and North America, which have grown nearly 3x during the period. These markets represent more than half of revenue and will be the focus of Series E expansion efforts.
“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% from $598 billion in 2019,” Kushal Nahata, CEO and co-founder of FarEye, said in a statement.
“The growth and the digital transformation in the logistics sector has 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.”
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.