India logistics startup FarEye raises US$25m from Microsoft's M12

LOGISTICS management startup FarEye on Wednesday announced it has raised US$25 million in a Series D round led by Microsoft's venture fund M12.

Other participants include Eight Roads Ventures and Honeywell Ventures. Existing investor SAIF Partners also participated in the round.

The funding round comes at a time where the global pandemic has accelerated the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries, said Eight Roads Ventures partner Shweta Bhatia.

Funds will be used to further invest in the platform's predictive capabilities and accelerate growth in the Asia-Pacific, Europe and the United States, said the company in a press statement.

Founded in 2013, the Delhi-based startup is a predictive logistics platform which helps enterprises to orchestrate, track and optimise logistics operations, it said. Some of its clients include Walmart, DHL, Amway and Dominos.

This includes predicting delivery times, optimising delivery routes and tracking deliveries, which the platform does through analysing a "billion plus data-points fed into its machine learning engine".

FarEye successfully handles more than 10 million transactions every day across the globe, it added.

"From just-in-time logistics optimisation to last-mile transportation notifications for end customers, supply chain visibility is a business imperative for organisations," said Abhi Kumar, M12's India Head.

"FarEye stands out amongst other supply chain solutions for its orchestration and predictive intelligence capabilities, which equip enterprise customers to respond quickly and strategically in dynamic business environments."