FarEye raises $100 mn in series-E funding

Reading Time: < 1 minute

New Delhi, May 25 (IANS) FarEye, an end-to-end global delivery management platform, has raised $100 million in its series-E funding 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, said a company statement.

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, GopiVaddi, 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 multibillion-dollar delivery management market that continues to show double digit year on year growth.

CEO and co-founder Nahata said: “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, Nahata added.