According to the Associated Chambers of Commerce and Industry of India (ASSOCHAM) report, the Indian logistics market is projected to reach $307 billion by 2020. In this space, the recent development is that a Delhi-based logistics firm FarEye catering in this industry has raised funding of Rs.61.5 crore in series C funding round led by Deutsche post-DHL Group.
In 2013, the logistics startup FarEye was founded by Kushal Nahata, Gaurav Srivastava and Gautam Kumar. The startup offers a SaaS mobility platform which solves the problems faced by logistics enterprises like supply chain management, etc. The Blue Dart Express which is the operated by DHLs Indian subsidiary is also the client of FarEye.
Nahata said, We plan to expand our solutions to manufacturers to get visibility on their consignments. There is a lot of demand for visibility by a shipper working with third-party logistics and I think our solution would help them do the same.
The startup has also initiated delivery services with the help of their technology which allows its clients to drop and pick parcels at minimal cost.
In 2014, the startup secured its first funding of Rs.2 crore in an angel funding round led by Indian Angel Network (IAN) and some angel investors also took part. In 2016, the startup also raised funding of Rs.20 crore in series A funding round led by SAIF Ventures.