Logistics SaaS startup FarEye raised $13 million
Noida-based Logistics SaaS startup FarEye raised an additional $13 million led by Nandan Nilekani & Sanjeev Aggarwal’s Fundamentum Partnership, with participation from KB Global Platform Fund to close its Series D financing round at $37.5 million.
FarEye helps companies orchestrate, track, and optimize their logistics operations. Say you order a pizza from Domino’s, the eatery uses FarEye’s service, which integrates into the system it is using, to quickly inform the customer how long they need to wait for the food to reach them.
Behind the scenes, FarEye is helping Domino’s evaluate a plethora of moving pieces. How many delivery people are in the vicinity? Can it bundle a few orders? What’s the maximum number of items one can carry? How experienced is the delivery person? What’s the best route to reach the customer? And, would the restaurant need the same number of delivery people the following day?, explained Kushal Nahata, co-founder and chief executive of FarEye.
FarEye is addressing this by using AI to parse through more than a billion data points to identify the optimum solution. In the past one year, it has fine-tuned its algorithm to handle last-mile and long-haul deliveries to offer a full-suite of services to its clients, said Nahata.
The startup, which already has clients in the U.S., Europe, and Singapore, plans to further its growth outside of India. Nahata said several of its existing clients have extended their tie-up for operations in other markets.