FarEye raises Rs 97 crore led by Nilekani-backed fund

New Delhi, Aug 21 (IANS) Logistics management startup FarEye on Friday said it has raised an additional $13 million (approximately Rs 97.4 crore) as an extension to its Series D investment led by Nandan Nilekani-backed Fundamentum Partnership and Korean firm KB Global Platform Fund.

In April, the Noida-based firm had raised $24.5 million in Series D from Microsoft’s venture fund M12, with participation from Eight Roads Ventures, Honeywell Ventures, and existing investor SAIF Partners.

FarEye said the new investment will accelerate its global expansion.

“With recently raised funds, we will continue to invest in the best talent in the Americas, Europe, and APAC to support our hyper-growth in these regions,” Kushal Nahata, CEO, FarEye, said in a statement.

“With a vision to make FarEye one of the most customer-centric organizations globally, we aim to make every delivery delightful for the consumers.”

FarEye works with its enterprise customers to provide higher control on their supply chains.

The company’s software-as-a-service (SaaS) platform digitizes the way enterprises dispatch, execute, track, and optimise the movement of goods.

“We are excited to partner with FarEye as it paves the way for its enterprise customers, such as DHL and Walmart to gain flexibility as well as visibility in logistics by providing the easy-to-use platform to manage all moving parts,” said Chunsoo Kim, Managing Director (Head of Global Investment Group) at KB Investment.

With the new funding, FarEye has raised a total of $51 million investment this year so far.

–IANS

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