Business News: FarEye raises Rs 728 crore in financing round led by TCV, Dragoneer Investment.
Logistics software-as-a-service (SaaS) platform FarEye on Tuesday said it has raised $ 100 million in a Series E round led by US-based Technology Crossover Ventures (TCV) and Dragoneer Investment Group, as the pandemic accelerates the need for enterprises to scale their supply chain operations efficiently to service rising online deliveries.
“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.
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.