India logistics company FarEye has raised $25 million in a Series D funding. The startup’s funding was led by Microsoft’s venture fund M12, media reports said.
Some of the participants in the funding include Eight Roads Ventures and Honeywell Ventures. In addition, FarEye’s existing investor SAIF Partners participated in the funding. India’s logistics sector has received tremendous investor interest in recent years.
FarEye is leveraging AI to increase the level of digitisation in its logistics capabilities. The company has worked tremendously on its algorithm to handle complex deliveries to offer a range of services to clients, media reports said.
Currently, the India-based logistics company has clients across various categories. These categories include transportation and logistics, retail, media reports said. Its funding has come at a time of global crisis. This will help the company to scale up its supply chain operations on the back of the Cover-19 pandemic.
Shweta Bhatia, a partner at Eight Roads Ventures, said in a statement, “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.”
Two years ago, RoboticWares acquired freight logistics Dipper Technologies in a cash and stock transaction. Now the startup’s primary focus is to further expand its capabilities and business at large, media reports said. It employs 350 people who are capable of handling more than 10 million transactions per day.