Netflix backer TCV, Dragoneer lead Series E funding in logistics manager FarEye

By Joseph Rai

  • 25 May 2021

RoboticWares Pvt Ltd, which runs logistics management startup FarEye, on Tuesday said it has raised $100 million (Rs 728.4 crore) as part of its Series E funding round. 

The funding was led by Silicon Valley-based venture capital firm TCV and San Francisco-based growth-oriented investment firm Dragoneer Investment Group

TCV counts among its portfolio firms leading global technology companies such as Netflix, Airbnb. In March, it made its first ever India investment by betting on fantasy gaming platform Dream11. 

FarEye's existing investors Eight Roads Ventures, Nandan Nilekani-led Fundamentum and Honeywell also participated in this funding round.  

The startup will use the fresh capital to accelerate innovation and for expansion in Europe and North America, it said. 

FarEye was established in 2013 by Kushal Nahata, Gautam Kumar and Gaurav Srivastava. 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, tech-based solutions cater to sales force automation and field workforce management.  

The startup said that its platform processes over 100 million transactions each month, and supports more than 25,000 drivers. Its platform is integrated into a network of over two million vehicles.  

“The logistics and supply chain industry is going through a long-awaited software-led creative disruption, led by emerging leaders like FarEye,” said Gopi Vaddi, general partner at TCV. Vaddi will join FarEye’s board of directors as part of the transaction. 

Prior to this funding, FarEye had raised $24.5 million in its Series D round led by Microsoft’s corporate venture fund, M12, in April last year. Honeywell Venture Capital and Eight Roads Ventures also contributed in that round as new institutional backers. 

Later in August, FarEye raised an additional $13 million (Rs 97 crore) as part of its extended Series D funding round. Fundamentum and South Korean investment firm KB Global had come on board as new investors then. 

Earlier in March this year, FarEye acqui-hired logistics technology startup PY Technology. 

In January, it rolled out an employee stock ownership plan (ESOP) liquidation programme worth $739,000. It was the first time that the company has offered liquidation of ESOPs. Under the scheme, eligible employees were able liquidate up to 35% of their vested ESOP shares. 

There has been a steady stream of investments towards companies operating in the logistics-tech space in the past few years. Both investment firms and companies have made bets in this sector. 

Earlier in January, Ripplr raised $3 million in a Series A funding round from a clutch of investors including Zephyr Peacock India Growth Fund. 

In November last year, Shipsy raised $6 million (around Rs 44.4 crore) in a Series A round co-led by Sequoia Capital India’s Surge and Naukri.com parent Info Edge, an existing investor. 

Some of the larger venture capital-funded firms in this space include Rivigo, BlackBuck, and Delhivery.