FarEye raises Rs 61.5 crore funding from Deutsche post DHL Group
February 6, 2018: Delhi-based logistics management company FarEye appears to have received Rs 61.5 crore in Series C financing as strategic investment
February 6, 2018: Delhi-based logistics management company FarEye appears to have received Rs 61.5 crore in Series C financing as strategic investment from Deutsche Post DHL Group.
As per the company's regulatory filings, sourced through data intelligence platform Paper.vc, 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.
FarEye has earlier raised an undisclosed amount of angel investment from Indian Angel Network (IAN). According to Crunchbase data, it had raised $20 million in the round. In June 2016, the startup raised $3.5 million in Series A round of funding from SAIF Partners, for business expansion in other territories.
The startup also posted a 60 percent jump in revenues for the year ending March 31, 2017 from the previous financial year.
This investment is the latest in a series of recent investments done by investors in India’s tech-enabled logistics space. Recently logistics company XpressBees raised Rs 224 crore from Chinese internet giant Alibaba and online freight aggregator Blackbuck raised Rs 50 crore from InnoVen Capital.
Founded in 2013 by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye helps logistics companies manage their supply chain and deliveries.