FarEye raises $100 mn led by TCV and Dragoneer
Delhi-based RoboticWares FarEye, which owns and operates SaaS logistics platform has raised $100 million in a Series E round led by new investors Technology Crossover Ventures (TCV) and Dragoneer Investment Group.
The business operations of FarEye accelerates during the pandemic. FarEye empowers, enterprises to scale their supply chain operations efficiently to service rising online deliveries.
As part of the transaction, Gopi Vaddi, general partner at TCV, will join FarEye’s board. 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.
FarEye has raised $153 million in external funding rounds, as per the company sources. The acquisition was to be completed within 3 – 6 months, TCS said.
The delivery management firm said the funds will be used to enable businesses to provide Amazon Prime-like delivery experiences and redefine how products are delivered across diverse logistics networks. It will also focus on expanding its software platform capabilities.
Eight-year-old FarEye, which was founded by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, addresses a multi-billion-dollar delivery management market that continues to see sharp growth.We have the ambition to enable thousands of business to provide Amazon-Prime-like delivery experience, and aim to drive innovations that re-imagine how deliveries are being managed globally, said CEO & co-founder of the company, Kaushal Nahata.
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, said Nahata.
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