Logistics software-as-a-service (SaaS) start-up FarEye has raised $100 million in funding led by new investors TCV and Dragoneer Investment Group, as part of the company’s Series E financial round.
The investment witnessed participation from existing backers Eight Road Ventures, Fundamentum and Honeywell.
As part of the transaction, Gopi Vaddi, general partner at TCV will join FarEye’s board of directors. TCV, a long-time backer of Netflix Inc., made its first investment in India earlier this year, with Dream Sports. FarEye is its second investment in the country.
Noida-based company FarEye is a logistics and supply chain management platform that powers businesses across sectors ranging from grocery to third-party logistics providers to fulfill deliveries at reduced cost and provide a better consumer experience.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, it caters to enterprises across more than 30 countries and counts Walmart, Amway and Domino’s among its clients.
The delivery management firm said that brands use its services to launch multiple delivery models like same-day, next-day, and on-demand from multiple inventory locations. The firm claims to process over 100 million transactions each month.
“We will be using part of the funding to explore acquisition opportunities in the product and logistics SaaS space to create more value. We will also be investing heavily in product and technology.”
~Kushal Nahata, CEO, FarEye
The fresh capital will be used to enable brands to provide Amazon Prime-like delivery experiences. Besides, part of the funds will be deployed to build on its software platform capabilities, drive European and North American expansion and hire new talents, the company said in a statement.
