Logistics management software FarEye has acquired freight logistics marketplace Dipper Technologies in a cash and stock transaction. The SaaS provider for e-commerce and supply chain logistics companies will leverage the latter’s platform to ramp up its last mile delivery with more accuracy.
The financial details of the deal could not be ascertained. Following the deal, Dipper’s 20 employees will be absorbed into FarEye and it will be rebranded as FarEye Transportation.
Floated by Kushal Nahata, Gaurav Srivastava and Gautam Kumar in 2015, FarEye has over 150 employees and it provides software solutions manage supply chain and delivery aspects of large logistics platforms including Blue Dart, DTDC, and several others.
The SAIF Partners-backed startup has so far raised over $13 million risk capital. Earlier this year, it had raised Rs 61.5 crore in Series C round from Deutsche Post DHL Group and got $500K seed fund from IAN in 2016.
The Delhi-based startup generates 70 per cent of its revenue from overseas clients including DHL International GmbH, Amway, and Walmart.
Apart from enhancing its product via Dipper’s machine learning technology, FarEye will double its team size to 120 by the end of next year.
On the other hand, Dipper, a brainchild of Suryansh Jalan and Ayush Syal was founded in September 2015. The IoT platform had raised an undisclosed angel fund in 2016.
The development was reported by Mint.