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For any business dealing with physical goods, logistics is an important segment to take care of. Today we are featuring FarEye, a SaaS startup that is helping business manage their logistics and supply chain easily and flawlessly. Founded by three Indian entrepreneurs, FarEye, is a global logistics SaaS startup that is simplifying logistics management for businesses and ensuring a great delivery experience for end customers. Here is more on the journey of the startup, its growth, and how it is disrupting the global logistics market.
FarEye - Company Highlights
| Startup Name | FarEye |
|---|---|
| Legal Name | RoboticWares Private Limited |
| Headquarters | Greater Chicago Area, Great Lakes, Midwestern US |
| Industry | Artificial Intelligence, Logistics, Delivery, Enterprise Software, Last Mile Transportation |
| Founders | Gaurav Srivastava, Gautam Kumar, and Kushal Nahata |
| Founded | 2013 |
| Current CEO | Kushal Nahata |
| Website | www.getfareye.com |
FarEye - Latest News
About FarEye and How it Works?
FarEye - Name,Tagline and Logo
FarEye - Founder and History
FarEye - Mission and Vision
FarEye - Business Model & Revenue Model
FarEye - Revenue and Growth
FarEye - Funding and Investors
FarEye - Acquisitions
FarEye - Competitors
FarEye - Challenges Faced
FarEye - Future Plans
FarEye - FAQs
FarEye - Latest News
On July 2021, FarEye secured $100 M in a Series E round headed by TCV and Dragoneer Investment Group. FarEye's previous investors, including Eight Roads Ventures, Fundamentum, and Honeywell, were also involved in the round. The new funding also includes a little debt refinancing, but the amount was not disclosed.
The funds will be used to develop the company's technology platform strengths, fuel expansion in Europe and North America, and investigate inorganic growth opportunities.
About FarEye and How it Works?
FarEye's products include last-mile delivery routing software, logistics, and supply chain visibility software, and software to improve coordination between enterprises and logistics partners. FarEye's cutting-edge logistics technology stack is making the delivery of goods a pleasant experience for everybody.
The AI-powered feature of FarEye optimizes end-to-end delivery and makes recommendations based on data aggregation. It enables businesses to obtain insights, outperforms over the last loop, and satisfy the customers. FarEye's goal is to drive autonomously, deliver with autonomous vehicles and drones using aggregated data and real-time feedback.
FarEye enables global businesses to reduce delivery times by up to 27%, enhance courier efficiency by allowing up to 15%, remove hazards by up to 57%, and maintain operational excellence. The FarEye Intelligent Delivery Management Platform can assist your organization in going live faster, implementing process improvements quickly, and keeping your delivery ecosystem adaptable. With end-to-end visibility throughout the delivery journey, the engine provides an excellent logistics customer experience.
FarEye is a software platform that helps firms plan, track and optimize their logistics operations. If you order a pizza from Domino's, the restaurant will use FarEye's services, which is integrated into its database, to swiftly advise the client how long they will have to wait for their meal.
FarEye - Name, Tagline and Logo
In a world that is becoming increasingly borderless, supply chain management is more vital than it has ever been. To achieve performance and accuracy, operations would require timely coordination, insight, and control. FarEye lets businesses keep an eye on and control their logistics and supply chain remotely and easily, which possibly inspired the name 'FarEye'.
FarEye's tagline says, "Improving Logistics Collaboration And Driving Supply Chain Excellence." Another tagline used in the company's website is, ' Making Deliveries Better for Everyone'
FarEye - Founder and History
FarEye was founded by Kushal Nahata, Gautam Kumar, and Gaurav Srivastava in 2013.
After 14 or 15 years of full-time education, the three founders really wanted to get out into the world, solve problems, and make a meaningful impact. The only question that lingered was what real-life problems could they solve? and the response came as a knock on the door. “E-commerce was just starting to take off in India at the time,” says Nahata. “However, if I ordered something online, the driver would contact me every time, inquiring where my house was, even though it hadn't moved in years. After that, everything was done with pen and paper until the driver arrived. It was clear that there had been little change in the way logistics were organized.” This is where the idea for "FarEye" arose from.
FarEye's first customer was Jabong's logistics arm GoJavas in 2013, and it currently works with some of the world's largest companies, including DHL, Walmart, Tata Steel, Hilti, and Amway, to help them digitalize and manage their logistics operations more effectively.
Rishabh Rathi
FarEye - Mission and Vision
FarEye's mission statement says, "With a mission to make logistics more efficient, predictive and organized, we set out to build a robust technology platform that leading global enterprises across 30+ countries adopted. We are on the path to building an autonomous logistics platform that would make it not just efficient but also self-sustaining & profitable for enterprises."
FarEye - Business Model & Revenue Model
FarEye is a logistics SaaS startup and earns revenue from subscription charges. Businesses use FarEye's intelligent and sophisticated platform to deploy several delivery models from multiple inventory locations, including same-day, next-day, on-demand, and doorstep. This includes overseeing the end-to-end delivery of goods and services to both consumers and businesses, using both third-party and in-house fleet methods.
Mandagiri Praveen Kumar Reddy
FarEye - Revenue and Growth
As reported in 2020, FarEye has around 350 employees, and the company is handling over 10 million transactions a day. The company has clients in over 30 nations, and across many industries including transportation, logistics, retail, and FMCG. As per some reports, in 202o FarEye made revenue worth $26.8 million, and the company's products are being used by over 150 businesses.
“Logistics spend globally is $10.6 trillion, out of which 70% is on transportation. However, there is scope to save $10 on every $100 of freight by optimizing returns, resource utilization, cycle time, and fragmented logistics processes resulting in savings of about $700 billion,” says Nahata.
FarEye is now firmly in expansion mode and grew quickly over the next few years. While most of the company's early customers were logistics service providers, it currently serves shippers as well, and its customers can be located anywhere in the world. FarEye's systems track between 5 and 10 million shipments per day.
FarEye - Funding and Investors
| Date | Round | Amount | Lead Investors |
|---|---|---|---|
| May 25, 2021 | Series E | $100M | Dragoneer Investment Group, TCV |
| Aug 19, 2020 | Series D | $13M | Fundamentum, KB Global Platform Fund |
| Apr 10, 2020 | Series D | $24.5M | M12 - Microsoft's Venture Fund |
| Jan 5, 2018 | Series C | $9.8M | Deutsche Post |
| Jan 21, 2016 | Series B | $3.1M | Elevation Capital |
| Oct 5, 2014 | Series A | $317K | Indian Angel Network |
| Nov 25, 2013 | Angel Round | $32K | - |
FarEye - Acquisitions
| Acquiree Name | About Acquiree | Date | Round |
|---|---|---|---|
| PY Technology Pvt. Ltd. | PY Technology Pvt. Ltd. is an enterprise software and services company that provides Information Technology & Services. | Mar 5, 2021 | - |
| Dipper | Digital Ecosystem for freight logistics | Nov 14, 2018 | - |
FarEye - Competitors
Some of the top competitors of FarEye are Ecom Express, project44, SAP Integrated Business Planning, SPiN, Optimal Satcom, FourKites, G2 Deals, Shipsy & Mojro.
Rishabh Rathi
FarEye - Challenges Faced
- Retail dynamics are rapidly changing
- Customer expectations are being exceeded
- Getting used to technological advances
- Raise in the delivery costs
- Package destruction
- There are a lot of first-time delivery failures
Handling deliveries isn't easy, according to the CEO. Shoppers, in particular, are expecting a same-day shipment, increased flexibility, and better transparency. Even for field workers, completing a good delivery requires more than merely gathering up or dropping off a package. To ensure successful delivery, a succession of events must occur at precisely the right time.
FarEye - Future Plans
“We are solving certain problems for our customers today, but I feel we can solve much larger problems and help digitize the entire supply chain network,” FarEye CEO Kushal Nahata said.
As the coronavirus outbreak threatens supermarket and e-commerce companies' capacity to deliver supplies to consumers on time, FarEye announced that 'Serve', a service that focuses on enabling the movement of everyday essentials, will be free for any company to utilize for more than a year.
“The global pandemic has accelerated the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries. FarEye’s highly configurable last-mile and long-haul logistics platform has been validated by leading global enterprises across the 3PL, retail and manufacturing categories,” said Shweta Bhatia, a partner at Eight Roads Ventures, in a statement.
The startup wants to improve its integration capabilities so that it can provide organizations with a comprehensive plug-and-play solution. The firm, which already employs over 350 people, plans to add 100 more employees in order to speed up product development.
The largest future challenges for the firm will be developing better ways to assist clients to sustain the competitive advantage that comes from constant innovation and quick evolution.
FarEye has been profitable since its inception, but according to Nahata, an IPO is not in the cards for the near future. “Right now, our main aim is to grow” he stated.
FarEye - FAQs
What does FarEye do?
The AI-powered feature of FarEye, a Noida-based company, optimizes end-to-end delivery and makes recommendations based on data aggregation.
Who founded FarEye?
FarEye was founded by Kushal Nahata, Gautam Kumar, and Gaurav Srivastava in 2013.
Which companies do FarEye compete with?
Some of the top competitors of FarEye are Ecom Express, project44, SAP Integrated Business Planning, SPiN, Optimal Satcom, FourKites, G2 Deals, Shipsy & Mojro.
Author: Sarika Anand
Source : https://startuptalky.com/fareye-success-story/
Date : 2021-10-28T03:03:39.000Z