Logistics management software FarEye has raised Rs 61.5 crore in Series C round from Deutsche Post DHL Group. The round which was led by DHL’s SVP (23i) and Dietmar Nienstedt, Head of Corporate Mergers and Acquisitions and Senior Vice President at Deutsche Post AG.
The year appears to have started on good note for logistics companies. Last week, Pune-based XpressBees had raised Rs 224 crore from Asia’s top company Alibaba while surface logistics firm BlackBuck raised Rs 50 crore venture debt from InnoVen Capital.
With this round, the company eyes to establish presence in the United States and Europe.
The brainchild of Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye’s software solutions manage supply chain and delivery aspects of large logistics platforms including Blue Dart, DTDC, and several others.
Recently, FarEye launched ‘Drop&Pick’ feature which enables parcel companies to manage parcel registration at minimum cost. Besides serving logistics companies, it also eyes to serve transportation sector at large.
Delhi-based company claims to execute more than 500 million shipments annually. Earlier in 2016, it raised $3.5 million Series A round from SAIF Partners while Indian Angel Network (IAN) seeded it with $500K in 2014.
FarEye clientele base includes likes of DHL India, Zalora, Walmart India, Amway India, Hitachi and 100 other large organisations across 20 countries. It also counts Ecom express and Gojavas in e-commerce focused logistics.
Three weeks ago, surface transport logistics major Rivigo had bagged $50 million Series D round led by SAIF Partners.
FarEye competes with Paytm-funded Loginext and a few other locally. Globally, companies such as ORION software, OnFleet, Bringg, Infor, and JDA software and Elementum are established players. With company’s aspiration to get into the US and European market, it’s poised to compete with aforementioned international players.