Post Date : April 13, 2020
FarEye, a logistics startup operated by RoboticWares Pvt. Ltd, is raising $24.5 million (around Rs 185 crore) in its Series D funding round led by Microsoft’s corporate venture fund, M12.
According to filings accessed by VCCircle, M12 alone will put around $10 million by subscribing to 40,866 compulsorily convertible preference shares (CCPS).
Honeywell Venture Capital and Eight Roads Ventures are also investing around $5 million each by subscribing to 20,438 CCPS each. Existing investor SAIF Partners will be bringing around $4.5 million as part of this funding round.
Earlier, FarEye in 2018 had raised funding of Rs 61.53 crore ($9.56 million) from Germany’s Deutsche Post DHL Group.
Prior to this round, the startup had raised $3.5 million (around Rs 20 crore) in a Series A round from SAIF Partners in June 2016.
FarEye, established in 2013 by Kushal Nahata, Gautam Kumar and Gaurav Srivastava, is a SaaS-based platform that provides last-mile delivery, route optimization and driver racking solutions for businesses.
Logistics startups in India have attracted sizeable number of investment in the last financial year. Pune based Logistics startup XpressBees in December received a $10 million funding from Chinese e-commerce giant Alibaba Group Holdings. Further, Ecom Express received a funding of $36 millions in the same month from UK’s development financial institution CDC Group.
Another Gurgaon-based tech-logistics startup FleetX.io had secured a Series A funding from Singapore-based Beenext alongside others in early February.