RoboticWares Pvt. Ltd, which runs logistics management startup FarEye, has raised an additional $13 million (Rs 97 crore) as part of its extended Series D funding round.
Nandan Nilekani-led Fundamentum Partnership and South Korean investment firm KB Global came on board as new investors in the round, the company said in a statement.
“With recently raised funds, we will continue to invest in the best talent in the Americas, Europe, and Asia-Pacific to support our hyper-growth in these regions,” said Kushal Nahata, CEO at FarEye.
Fundamentum is a growth-capital fund floated by Nilekani and Helium Venture Partners co-founder Sandeep Aggarwal for mid-stage companies. It counts pre-owned cars platform Spinny among its portfolio firms.
KB Global had in the past backed a few Indian companies such as curated travel platform TravelTriangle and gold loan startup Rupeek Fintech Pvt. Ltd.
Chunsoo Kim, a managing director at KB Investment, said the funding will allow the FarEye team to deliver additional value to its enterprise customers by bringing in more global talent.
The additional fundraising comes after FarEye in April raised $24.5 million in its Series D round led by Microsoft’s corporate venture fund, M12. Honeywell Venture Capital and Eight Roads Ventures also contributed in that round as new institutional backers.
FarEye was established in 2013 by 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 the COO, is also an electronics engineering graduate and took the entrepreneurial route right after completing studies. Srivastav, who is the CTO, 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.
The investment in FarEye is the latest in a string of funding deals for the logistics-tech space.
In May, logistics-technology firm Shiprocket, a product of Bigfoot Retail Solution Pvt. Ltd, raised $13 million in its Series C funding round.
In the same month, Loadshare Networks Pvt. Ltd raised more than Rs 100 crore (around $13.3 million) in its Series B round of funding. The round was led by Singapore-based Beenext, with participation from the UK’s CDC Group Plc, Matrix Partners and Stellaris Venture Partners, among others.
In December last year, Freightwalla had raised $4 million in its Series A funding round from a clutch of investors.