FarEye aims 325% growth in revenue this fiscal
May 14, 2019: FarEye, a digital logistics platform to move goods efficiently is targeting a 325 percent growth in revenue this fiscal. Clocking triple-digit revenue growth since the past 3 years, the company facilitates over 65 million transactions per day
May 14, 2019: FarEye, a digital logistics platform to move goods efficiently is targeting a 325 percent growth in revenue this fiscal. Clocking triple-digit revenue growth since the past 3 years, the company facilitates over 65 million transactions per day, enabling more than 150 enterprises across 20+ countries to achieve superior delivery experience using mobility, data analytics & automation.
“FarEye has delivered a truly blockbuster performance with triple-digit revenue growth consecutively for the third year. It has been an incredible year for us; we are growing rapidly and aim to reach 3X revenue in the coming year, with major customer acquisitions in India, US, and Europe. The logistics market is at the edge of disruption with technology building a new level of optimisation and customer satisfaction. Enterprises have the supply chain as one of the topmost functions for digitalisation and investments.” said Kushal Nahata, CEO & co-founder, FarEye.
In India, FarEye works with enterprises like Tata Steel, Hilti, JK Lakshmi, Blue Dart, Walmart, Future Supply Chain, and Amway among many others. Its predictive visibility platform has helped Tata Steel reduce pilferage and theft by 57 percent, increased 'on-time in full' deliveries for Hilti by 6 percent, increased the 'delivery-in-first-attempt' success rate for Blue Dart by 22 percent, and improved courier productivity for DHL eCommerce by 15 percent.
He further noted, “Global logistics spending is set to soar to $10.6 trillion by 2020 with transportation accounting for the majority at 70 percent. Shippers are losing a lot of time, money and inventory due to unpredicted freight movement. We are constantly working towards empowering global leaders with predictive visibility and operational intelligence to achieve on-time deliveries at a reduced cost.”
In November 2018, the company also acquired Dipper Technologies, an IoT platform that provides visibility and predictability in freight movement; reinforcing its plans to solve challenges by having cutting edge technology for carriers and shippers in moving goods. With 3 new articulated product lines and leadership position in India, FarEye is on the path of massive global expansion with offices in California, London, Dubai & Singapore to enable manufacturers, retailers, 3PLs globally with delivery, fulfillment and transportation offerings. The unique offering of the workflow-based platform coupled with data and intelligence enables enterprises to invest not just for today but also for future needs in the supply chain. The start-up is looking to strengthen its integration capabilities to offer a complete plug & play model to businesses.
FarEye also launched the industry’s most advanced actionable control tower which monitors truck’s movement, predicts ETA engine through its advanced machine learning engine and intelligent alerts for exceptions. In order to accelerate its product the development further, FarEye plans to hire 100 more employees in this fiscal.