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.
As part of the transaction, Gopi Vaddi, general partner at TCV, will join FarEye’s board. TCV, a long-time backer of Netflix Inc., made its first investment in India earlier this year, with Dream Sports. FarEye is its second investment in the country.
Existing investors Eight Roads Ventures, Infosys Ltd co-founder Nandan Nilekani’s growth capital fund Fundamentum Partnership and Honeywell also participated in the funding round.
The delivery management firm said the funds will be used to enable businesses to provide Amazon Prime-like delivery experiences and redefine how products are delivered across diverse logistics networks. It will also focus on expanding its software platform capabilities.
Eight-year-old FarEye, which was founded by Kushal Nahata, Gaurav Srivastava and Gautam Kumar, addresses a multi-billion-dollar delivery management market that continues to see sharp growth.
“We will be using part of the funding to explore acquisition opportunities in the product and logistics SaaS space to create more value. We will also be investing heavily in product and technology,” Nahata, CEO, FarEye said in an interview.