Worldwide, more than 150 e-commerce and delivery companies use the service of an Indian logistics start-up to find the optimal way before they send articles to their customers. This startup, FarEye from Noida, raised $ 25 million in a new round of financing to expand its presence in international markets.
M12, Microsoft Venture Fund led the Series D financing round of the seven-year-old startup. Eight Roads Ventures, Honeywell Ventures and the existing investor SAIF Partners participated in the round that raised FarEye's total increase to $ 40 million to date. (M12 started its investment journey in India last year.)
FarEye helps companies to orchestrate, track and optimize their logistics processes. Suppose you order a pizza from Domino. The restaurant uses the FarEye service, which is integrated into the system used, to quickly inform the customer how long he has to wait for the food to arrive.
Behind the scenes, FarEye Domino helps evaluate a variety of moving parts. How many deliverers are nearby? Can it bundle a few orders? What is the maximum number of items you can carry? How experienced is the deliverer? What is the best way to reach the customer? And would the restaurant need the same number of deliverers the next day? Said Kushal Nahata, co-founder and CEO of FarEye, in an interview with theinformationsuperhighway .
“The level of digitalization that logistics companies have undertaken over the years is still minimal. The visibility they have over their own delivery network is minimal. Forget what a customer should expect, ”Nahata said of the challenges the industry is facing.
FarEye addresses this problem by using AI to analyze more than a billion data points to find the optimal solution. Over the past year, the company has optimized its algorithm for last-mile and long-haul deliveries to offer its customers a full range of services.
The startup, which employs around 350 people, says it already processes more than 10 million transactions per day. The more transactions it processes, the better its algorithm gets, he said.
FarEye now has customers in various categories, including transportation and logistics, retail (including food, furniture and fashion) and FMCG in 20 countries. Some of these customers are Walmart, FedEx, DHL, Amway, Domino, Bluedart, Future Group, and J & J. Nahata said the startup would use the fresh capital to improve its forecasting technology and expand its presence in the United States, Europe, and the Asia-Pacific region.
"We're solving certain problems for our customers today, but I think we can solve much bigger problems and help digitize the entire supply chain network," he said.
With the corona virus pandemic jeopardizing the ability of food and e-commerce companies to deliver items to customers on time, FarEye Serve makes one of its services focused on enabling the transportation of everyday things that every company can do for more can use as a year free of charge year.
“The global pandemic has accelerated the need for businesses to efficiently scale their supply chain operations to meet the growing share of online deliveries. FarEye's highly configurable last mile and long haul logistics platform has been validated by leading global companies in the 3PL, retail and manufacturing categories, ”said Shweta Bhatia, partner at Eight Roads Ventures. in a statement.
FarEye has made money since day one, but Nahata said an IPO is not on the table for the foreseeable future. "Our biggest focus right now is on growth," he said.