FarEye raises $100 Mn in Series E round led by TCV and Dragoneer

Logistics management platform FarEye has raised $100 million in its Series E round led by TCV and Dragoneer Investment Group. Existing investors Eight Roads Ventures, Fundamentum and Honeywell also participated in the round. 

As part of the transaction, Gopi Vaddi, General Partner at TCV, will join FarEye’s board of directors. 

The fresh proceeds come after nine months for the Noida-based company which had closed its $38 million Series D round in August 2020. It has raised a little over $150 million to date.

According to FarEye, the funds will be used for international expansion. 

The eight-year-old company’s software solutions manage the supply chain and delivery aspects of large logistics platforms across manufacturing, courier, e-commerce, food and grocery sectors.

Founded by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, FarEye currently serves global enterprises across retailers, manufacturers and third-party logistics providers & carriers, including DHL, Amway, Dominos, Walmart, Posti, Gordon Foods, and UPS. 

The company claims to process over 100 million transactions each month, supports more than 25,000 drivers, and is integrated into a network of over two million vehicles. The platform also leverages millions of data points to predict the shipment journey and improve the delivery experience. 

The company further said that it has accelerated over the last 12 months with particularly strong traction in Europe and North America. These markets collectively comprise over half of the revenues and have grown nearly three times in the same period.

Earlier this year, FarEye had rolled out an ESOP liquidation program worth $739,00 for its employees. Under the scheme, eligible employees were allowed to liquidate up to 35 % of their vested ESOP Share.