FourKites, a logistics-focused technology startup which operates out of India and the United States, has raised $50 million (around Rs 357 crore at current trade rates) in a Series C round of investment from its present investors.
The firms which have invested afresh are Silicon Valley-primarily based August Capital, US-situated Bain Capital Ventures and Hyde Park Venture Partners at the side of CEAS Investments.
With the ultra-modern infusion, FourKites has cumulatively raised $a hundred and one. Five million in outside investment since its inception in 2014.
FourKites, which counts global brands inclusive of Kraft Heinz and Nestlé among its customers, stated in an assertion that it’ll use the fresh capital to expand its supply chain platform with new packages and abilities and grow its global network of shippers and vendors.
The company also plans to double its headcount in India.
“With Series C funding in place, we are searching ahead to accelerating the boom of the business enterprise by using, in addition, expanding our engineering expertise pool,” stated Arun Chandrasekaran, co-founder, and chief technology officer of FourKites.
“In addition to making an investment in strengthening our R&D abilities, we can hold our investment in using and growing right expertise in India,” he delivered.
Founded through Chandrasekaran and Mathew Elenjickal, who’s the agency’s leader executive officer, FourKites’ engineering and era groups are primarily based in Chennai whilst its headquarters are in Chicago.
FourKites offers predictive statistics analytics for supply chain management. Optimized for cellular, it gives actual-time visibility and execution for Fortune 500 organizations and 0.33-party logistics firms.
The company uses a proprietary set of rules to calculate shipment arrival times across one-of-a-kind modes of transport and says it facilitates organization shippers decrease operating prices, improve on-time overall performance, and enhance stop-patron relationships.
According to the assertion, the enterprise presently tracks shipments in fifty-five countries across North America, South America, Europe, and Africa.
FourKites had in February last 12 months raised $35 million (Rs 228 crore then) in a Series B round of funding led by August Capital.
Among other latest trends inside the region, FarEye, a logistics control firm inside the SaaS mildew, had in November obtained Internet of Things-powered freight logistics market Dipper for an undisclosed amount.
In the wider space, a number of logistics startups have raised funding inside the current past. These encompass Blackbuck, Freightwalla and LetsTransport.