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Microsoft’s corporate venture fund to lead Series D funding in FarEye
Photo Credit: VCCircle

RoboticWares Pvt. Ltd, which runs logistics management startup FarEye, is raising $24.5 million (around Rs 185 crore) in its Series D funding round led by Microsoft’s corporate venture fund, M12.

According to filings accessed by VCCircle, M12 alone will put around $10 million by subscribing to 40,866 compulsorily convertible preference shares (CCPS).

Two other new investors Honeywell Venture Capital and Eight Roads Ventures will be pooling in around $5 million each by subscribing to 20,438 CCPS each.

Existing investor SAIF Partners will be bringing around $4.5 million as part of this funding round.

An email query sent to FarEye did not immediately elicit a response.

FarEye had last raised funding of Rs 61.53 crore ($9.56 million) in 2018 from Germany's Deutsche Post DHL Group.

Prior to this round, the startup had raised $3.5 million (around Rs 20 crore) in a Series A round from SAIF Partners in June 2016.

FarEye was established in 2013 by Kushal Nahata, Gautam Kumar and Gaurav Srivastava.

Nahata, who is the CEO at FarEye, holds a B.Tech degree in electronics and telecommunication. He earlier worked at Bhubaneshwar-based Learnics.in. Kumar, who is COO at the firm, is also an electronics engineering graduate and took the entrepreneurial route right after completing studies. Srivastav, who is the CTO at the firm, is a computer science graduate and co-founded FarEye soon after his graduation.

The company’s flagship logistics management software helps the entire supply chain, from first-mile seller pick-ups to last-mile delivery. Apart from this, the company’s tech-based solutions cater to sales force automation and field workforce management.

Investors

M12, formerly known as Microsoft Ventures, has invested in over 70 startups in areas ranging from cybersecurity and artificial intelligence to business software-as-a-service and industrial drones.

Last year, the venture fund backed health-tech startup Innovaccer in its first India investment.

It had also said that partner Rashmi Gopinath will lead India investments. However, she left M12 to join B Capital, an investment firm co-founded in 2015 by Facebook co-founder Eduardo Saverin and Silicon Valley-based Indian-origin investor Raj Ganguly.

Honeywell Venture Capital is part of Honeywell International Inc. It was launched in 2017 to focus on technology startups.

Eight Roads, which entered India towards the end of 2007, has invested in over 40 companies across healthcare, technology, consumer and financial services.

Eight Roads led a Series C round in customer analytics and cross-channel engagement platform MoEngage Inc earlier in February. Its other investments include BankBazaar, Ashish Life Science, CareStack, Pharmeasy, Cygnus, Whatfix, StashAway and Northern Arc.

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