FarEye CEO and co-founder Kushal Nahata said the company is expecting to turn unicorn in the current fiscal year.
PTI
May 25, 2021 / 05:38 PM IST
IT firm FarEye, which focuses on softwares for logistics management, on Tuesday said it has raised Rs 728 crore in a funding round led by TCV and Dragoneer Investment Group.
Existing investors Eight Roads Ventures, Fundamentum and Honeywell also participated in the Series E funding round.
FarEye CEO and co-founder Kushal Nahata said the company is expecting to turn unicorn in the current fiscal year.
Any startup valued at over $ 1 billion is termed unicorn.
“We are very proud to have TCV and Dragoneer join our established investors to support our progress in becoming a global leader in delivery management. The growth and the digital transformation in the logistics sector has created an opportunity for software platforms like FarEye to provide a superior customer experience.
“Our ambition is to enable thousands of businesses to provide Amazon-Prime-like delivery experience,” Nahata said.
He said the company will use the fund for business expansion in the US and Europe, moving its product from an automation platform towards an autonomous platform where every single decision from the time a customer places order till the time delivery happens is driven through the platform.
The fund will also be used for acquiring technology startups having deep synergy with the company.
“We are going to be very aggressive in the US for business expansion. People have liked our product there and acceptance is very high there,” Nahata said.
He said the company’s 80 percent revenues come from overseas. FarEye plans to increase the workforce at the company from around 500 at present to 700 this year.
“We will also double our overseas team this year,” Nahata said.
