Software as a service platform raises funds to expand into various countries
3 year old Delhi based startup FarEye raises $3.5 Million in its Series A funding round from SAIF Partners.
Established in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, is a SaaS based Mobile Workforce Management Platform. It enables efficient field workforce management and transparency in field operations across industry verticals and geographies. The FarEye solution increases companies’ productivity and reduces cost, thus transforming businesses to be more efficient, flexible and customer centric. FarEye works with companies across industries like BFSI, consumer durables and Healthcare sector and is a leader in the logistics ecommerce industry providing exemplary services to organizations with field workers.
Kushal Nahata, co-founder of the company says, “We are a profitable B2B startup and believe in organic growth. Our vision is to create a global technology company which stays for decades. Plagued by operational inefficiencies and high costs, the $60,000 Bn logistics industry provides a huge opportunity to FarEye. We are here to streamline logistics in all the industry verticals. We are in the path of revolutionizing the entire delivery mechanism by creating the largest virtual network of delivery workforce across regions. ”
It claims to have over 75 clients, e-commerce solution providers like Ecom Express, Gojavas and Holisol as well as traditional companies such as DTDC, Blue Dart, Safe Express, Bajaj Capital, and Hitachi. The startup is also planning to integrate with Internet of Things (IoT) platforms and drones to enable automated delivery.
Global research trend shows that more investments would be poured into IT solutions for logistics. Having control over the whole logistic chain by simplifying the complexity requires IT. Providing clients with a fully integrated view of real-time information across the supply chain facilitates the response time for shipping companies and improves customer satisfaction.
With startups going out of business due to costs raised from logistic issues, this startup is generating revenue from logistics. Hyper delivery apps could use a provider like this startup who can reduce costs for them. Apps like LazyLady, Groffers, GetNow, PepperTap and other like TinyOwl could use this service.