FarEye to drive deliveries with autonomous vehicles, drones, says CEO Nahata
FarEye bags $100 Million Series E round led by TCV and Dragoneer.
FarEye has a vision to use aggregated data and real-time feedback to drive deliveries with autonomous vehicles and drones, said Kushal Nahata, CEO and co-founder of FarEye.
Nahata’s startup announced a $100 million Series E round led by TCV and Dragoneer Investment Group. Existing investors Eight Roads Ventures, Fundamentum and Honeywell also participated in the round.
The funds will be used to accelerate the company’s mission of empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks.
In the Middle East, FarEye has clients across Kuwait, Qatar, Saudi Arabia, UAE and Oman. This includes the leading Saudi retail pharmacy chain-Nahdi Medical Company, the leading postal company in Oman- Oman Post, Saudi’s fastest-growing Startup SLS Express, Medscan and Salasa among others.
“FarEye has taken a customer-first approach to create a platform that can grow with our customers and adapt to the changing business needs. FarEye’s low-code/no-code intelligent platform is powering shippers and 3PLs/carriers to do faster, reliable, customer-centric deliveries at scale. FarEye’s AI powered functionality optimises end-to-end deliveries and provides recommendations driven by aggregation of insights.We have helped our customers in the region to provide superior delivery experience to end-customers by leveraging our intelligent delivery management platform,” Nahata told Khaleej Times.
FarEye will further focus on expanding its software platform capabilities, drive European and North American expansion, and continue to attract world-class talent. As part of the transaction, Gopi Vaddi, General Partner at TCV, will join FarEye’s board of directors.
Founded in the year 2013 by Kushal Nahata, Gaurav Srivastava, and Gautam Kumar, FarEye is addressing a multi billion dollar delivery management market that continues to show double digit year on year growth. “FarEye’s leading delivery management platform provides impressive visibility and control across the supply chain, which has never been more critical for retailers, manufacturers and 3PLs,” said Eric Jones, Partner at Dragoneer Investment Group. “We look forward to partnering with FarEye as they continue to redefine how products are delivered across diverse logistics networks and expand their footprint in Europe and North America.”
FarEye’s platform is used by brands to launch and champion multiple delivery models like same-day, next-day, on-demand, and curbside from multiple inventory locations. FarEye currently serves global enterprises across retailers, manufacturers and third-party logistics providers and carriers, including DHL ecommerce, Amway, Domino’s, Walmart, Posti, Gordon Foods, UPS and more.
“We are very proud to have TCV and Dragoneer join our established investors to support our progress in becoming a global leader in delivery management. 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 per cent from $598 billion in 2019. 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,” added Nahata.
The company’s platform processes over 100 million transactions each month, supports more than 25,000 drivers, and is integrated into a network of over two million vehicles. FarEye’s growth has accelerated over the last 12 months with particularly strong traction in Europe and North America. These markets collectively comprise over half of revenues and have grown nearly three times in the same period.
Gopi Vaddi, General Partner at TCV, said: “The logistics and supply chain industry is going through a long awaited software-led creative disruption, led by emerging leaders like FarEye that provide multi-tenant SaaS platforms with low code configuration to enhance visibility to the enterprise and deliver superlative last mile experiences for the end consumer. We, at TCV, are pleased to partner with Kushal, Gaurav, Gautam and the entire management team. We have been impressed with FarEye’s platform capabilities and their long-term vision as a key enabler for digital transformation in logistics.”
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