FarEye, a Delhi-based logistics management company, has raised a Series C round of funding of Rs 61.5 crore from mail and logistics group Deutsche Post DHL (DPDHL), reports data intelligence platform Paper.vc. The portal reports that FarEye issued 73,632 Series-C shares to Singapore-based 23i Private Limited- which is linked to Deutsche Post DHL group.
Note that Deutsche Post DHL is reportedly expanding its dedicated e-commerce logistics service- DHL e-commerce- in India, and has been testing e-commerce logistics business in India through its Indian subsidiary Blue Dart Express since 2014.
Founded in 2013 by Gautam Kumar, Gaurav Srivastava and Kushal Nahata, that startup offers SaaS mobility platform to logistics enterprises, and one of its clients is DHL’s Indian subsidiary Blue Dart Express.
FarEye’s previous funding
In 2014, Fareye raised an undisclosed amount of angel investment from Indian Angel Network (IAN). According to Crunchbase data, it had raised $20 million in the round. In June 2016, the startup raised $3.5 million in Series A round of funding from SAIF Partners, for business expansion in other territories.
Logistics Space
The development comes on the sidelines of the report that Chinese conglomerate Alibaba Group is investing $100 million in Pune-based logistics company XpressBees. Ecommerce majors like Flipkart and Amazon are too strengthening their logistics power in the country. In January, Flipkart infused Rs 1,632.81 crore in Instakart Services Pvt. Ltd, which operates its logistics arm eKart. In November, Amazon India’s logistics arm Amazon Transportation Services (ATS) further received funding of Rs 130 crore from the US parent. ATS received Rs 207 crore worth of funding from Singapore-based Amazon Corporate Holdings and Amazon Malaysia, in June, and before that, it had received Rs 67 crore in September 2016. Besides ecommerce players, there are players like Ecom Express, Locus, Delhivery, Rivigo, Loadshare, Blackbuck, and also NSE-listed Gati etc in this space.
