Microsoft-backed logistics SaaS startup FarEye nets $100m in series E round

FarEye, a logistics management software-as-a-service startup based in India, has raised US$100 million in a round of funding.

More funding details

• Lead investors: TCV and Dragoneer Investment Group
• Existing investors: Eight Roads Ventures, Fundamentum, and Honeywell
• Stage: Series E

More company updates

• FarEye will use the fresh funding to focus on expanding its software platform capabilities, drive expansion into Europe and North America, and hire talent.
• As part of the investment deal, TCV general partner Gopi Vaddi will join FarEye’s board of directors.
• The company said that its growth, particularly in Europe and North America, has accelerated over the last year. These markets collectively comprise over half of its revenues and have grown nearly 3x during the same period.
• “The funding is very timely for the delivery and logistics sector as we have seen consumers spending of US$861 billion online with US retailers in 2020, up 44% from US$598 billion in 2019,” said Kushal Nahata, CEO and co-founder of FarEye.
• Last April, it raised US$25 million in its series D round led by M12, Microsoft’s venture fund.
• The SaaS firm currently serves retailers and manufacturers like Domino’s and Walmart as well as third-party logistics providers and carriers such as DHL eCommerce, Posti, and UPS.
• FarEye says it has over 25,000 drivers and is integrated into a network of over 2 million vehicles.

For more coverage of the company, head here. You can also click on the link below to view key details about the company as well as its funding history.