FarEye raises $13 million led by Nilekani’s VC fund
Published on 22nd August, 2020 | 1 min read
New Delhi: FarEye, a logistics software-as-a-service platform, has raised $13 million as an extension to its Series D round, taking the total funding in the round to $37.5 million. The funding was led by Infosys co-founder Nandan Nilekani’s Fundamentum Partnership, a growth-capital fund for mid-stage technology companies in India, backed by Nilekani and Sanjeev Aggarwal, and Korea’s largest investment firm KB Global Platform Fund. Nilekani and team are putting in $10 million, while KB Global has added $3 million, said Kushal Nahata, chief executive officer, FarEye. Investment in logistics space is essential for the economic growth of a nation and FarEye has captured the pulse of this industry and has all the ingredients to head towards global leadership, said Sanjeev Aggarwal, co-founder of Fundamentum. “… FarEye paves the way for its enterprise customers such as DHL and Walmart to gain flexibility as well as visibility in logistics by providing the easy-to-use platform to manage all moving parts,” said Chunsoo Kim, managing director at KB Investment. In April, FarEye had raised $24.5 million in Series D from M12 with participation from Eight Roads Ventures, Honeywell Ventures, and existing investor Saif Partners.
