India-based logistics software developer FarEye has raised Rs 615m ($9.6m) in series C financing from courier and postal delivery group Deutsche Post DHL, the Economic Times reported on Tuesday.
Singapore-based entity 23i, which has previously been linked to Deutsche Post DHL, has acquired approximately 73,600 series C shares and the deal was led by Dietmar Nienstedt, the corporate’s head of mergers and acquisitions, according to a regulatory filing seen by ET.
Founded in 2013, FarEye has developed logistics software that helps clients optimise their supply chains and deliveries. The platform includes a customisable dashboard that can display information on supply jobs as well an overview of operational performance.
The company is preparing to enter markets in the US and Europe later this year and may also begin developing services for the transportation sector.
Venture capital and growth equity fund SAIF Partners provided FarEye with $3.5m in a mid-2016 series A round, after Indian Angel Network had invested a $500,000 sum in 2014.