This is FarEye’s second equity raising this financial year, which saw a surge in demand for online purchase. It raised another $25 million in April from M12, the venture capital arm of Microsoft, with participation from Eight Roads Ventures and Honeywell Ventures.
The back-to-back fund raising reflects investors’ confidence in the logistics space, which form the backbone of economic growth.
“The fund will be used to scale up our operations globally,” FarEye chief executive Kushal Nahata told ET.
The firm, which uses SaaS platform for predictive visibility, recently partnered with US based Blue Yonder to enhance logistics and visibility in South East Asia, as part of the expansion plans.
Nahate said there has been “massive surge” in online business ever since the outbreak of Covid-19 pandemic. “Online demand is expected to grow further in the festive season,” he said.
FarEye raised its manpower by over 12% to 400 during the lockdown.