Led by Nilekani-backed fund, FarEye raises Rs 97 crore

CIOReviewIndia Team | Friday, 21 August 2020, 12:50 IST

Led by Nilekani-backed fund, FarEye raises Rs 97 crore

Led by Nandan Nilekani-backed Fundamentum Partnership and Korean firm KB Global Platform Fund, logistics management startup FarEye on Friday said that it has raised an additional $13 million which approximately comes to about Rs 97.4 crore. This would be an extension to its Series D investment, 

The participation of Honeywell Ventures, Eight Roads Ventures, and SAIF Partners, who is its existing investor, the Noida-based firm had raised $24.5 million in Series D from Microsoft's venture fund in the month of April.  

Kushal Nahata, CEO, FarEye, said in a statement, "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. With a vision to make FarEye one of the most customer-centric organizations globally, we aim to make every delivery delightful for the consumers."

To provide higher control on their supply chains,  FarEye has been working with its enterprise customers with a software-as-a-service (SaaS) platform which will digitize the way enterprises execute, dispatch, track, and optimise the movement of goods.

Chunsoo Kim, Managing Director (Head of Global Investment Group) at KB Investment said in a statement, "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." 

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


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