Delhi-based logistics software startup FarEye has received Rs 61.5 crore in Series C financing as strategic investment from Deutsche Post DHL Group, as per the company’s regulatory filings. The logistics companies in India enabled by the technology seem to be garnering strong investor interest lately.
Paper.vc, the data intelligence platform furnished documents show that FarEye issued 73,632 Series-C shares to Singapore-based 23i in an investment led by DHL’s SVP and global head of M&A, Dietmar Nienstedt.
This comes close on the heels of logistics company XpressBees raising Rs 224 crore from Chinese internet giant Alibaba and online freight aggregator Blackbuck raising Rs 50 crore from InnoVen Capital, signalling increasing investor interest in Indian tech-enabled logistics space.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye helps logistics companies manage their supply chain and deliveries. The company previously raised funds from SAIF Partners and Indian Angel Network. The company’s chief executive Nahata declined to comment on the latest fundraising.
Nahata said, the company is looking to expand its presence to the United States and Europe this year. The company, which currently caters to the likes of Blue Dart, DTDC, among others, plans to expand its services to the transportation sector. “We plan to expand our solutions to manufacturers to get visibility on their consignments. There is a lot of demand for visibility by a shipper working with third-party logistics and I think our solution would help them do the same.”
FarEye started its parcel shop technology recently - Drop-&Pick - allowing companies to dispatch and deliver parcels with minimal cost of infrastructure.
Copyright © 2009 - 2024 Franchise India Holdings Ltd