Digital logistics firm FarEye on Wednesday announced the acquisition of Dipper Technologies for an undisclosed sum.
Founded in 2015, Dipper is an Internet of Things (IoT) platform that provides visibility and predictability in freight movement.
FarEye, which was also founded in 2015, is a last mile delivery platform, servicing over 100 customers across five continents.
"We are now headed towards digitalising India's transportation industry and improve it to ensure on-time deliveries with reduced cost of goods movement," said Kushal Nahata, Co-founder and CEO of FarEye.
The acquisition of Dipper Technologies is in line with FarEye's growth plans to solve challenges for long-haul and multi-modal logistics.
"Shippers are losing a lot of time, money and inventory due to unpredicted freight movement. India spends about $160 billion on road logistics, twice compared to countries with an efficient transportation infrastructure," Nahata said.
"The Dipper team understood the problem really well and this understanding coupled with a very passionate team and a strong product supplemented FarEye's existing strength in supply chain industry technology," he added.
One of the biggest problems in road transportation is lack of data because of fragmented industry with multiple stakeholders. Dipper provides a solution by using a mix of IoT devices, SIM cards, smartphones and its wide network of IoT/ERP (enterprise resource planning) providers.
The location data (received from IoT ecosystem) is fed into FarEye's Machine Learning platform that then predicts estimated time of arrival in long-haul movements by learning the delays at tolls and terrains.
"We are now a strong team of 200, consulting more than 100 customers -- targeting the trillion dollar logistics and supply chain industry, globally," Nahata said.
--IANS
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