In a fresh funding round from amongst the new and existing investors, FarEye, a logistics startup raised $24 million.
As per the fillings of FarEye at the ministry of corporate affairs, the board of the company has resolved to create, offer and issue equity and preference shares to four investors worth $24.49 Mn.
The company plans to use its fresh funds to augment its capital and resources for their business.
The logistic startup would be allotting Series D shares for $244.52 million to the under mentioned companies:-
Microsoft corporation with10 equity shares and 40,886 preference shares.
Honeywell Venture Capital with 10 equity shares and 20, 438 preference shares
Eight Roads Ventures with10 equity shares and 20,438 preference shares.
Furthermore, the ESOP pool of the company has also been expanded to 36,385 equity shares which are 6.81% of the total equity capital. The company had earlier managed to raise INR 81 Cr from SAIF Partners, Deutsche Post etc in a previous round.
FarEye, a Software service mobility platform which aims at solving the last mile complicated delivery issues was founded way back in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar. The platform enables companies to schedule dispatch jobs, monitor execution and analyze the performance in real-time making the enterprise more effective and streamlined.
With best practices of warehousing, first-mile pick-ups, milk runs, on-demand/hyperlocal solution, last-mile delivery and reverse pick-ups (90-minute and non-time bound), FarEye has been providing end-to-end mobility solutions, across five continents, to no less than 100 logistics and supply chain leaders.
FarEye asserts that in an ARR year on year it has clocked triple-digit revenue growth, the company claims to have had a 280% increase for the past three years. It also claims to have facilitated over 10 Mn transactions per day across more than 20 countries for more than 150 customers.
While logistics technology saw growth on the back of B2C boom, The present time belongs to B2B logistics tech startups as investors want to invest with them as the company solves last-mile delivery, warehousing, freight, and supply chain optimization. Other than some established names like Shadowfax, BlackBuck, Delhivery, there are new-age logistics technological players like Fr8, Frieightwallan, LetsTransport etc, which are valued to be more than $160 billion.