Delhi-based Fareye raises funding from Indian Angel Network
Indian Angel Network (IAN) today announced its investment in Fareye; a Delhi based mobile enabled solution for field workforce management.
Fareye aims to be a solution to the most critical problem of a logistics manager such as real-time coordination with mobile workers, field jobs and customer requests. It solves by providing quick overview of field force with job status & tool to schedule, dispatch & monitor jobs to workforce. IAN investors, Nitin Jain and Piyush Chawla led the investment round in the start-up. Nitin and Piyush will also join the Fareye board.
Over the last two years, IAN has funded over 40 deals investing close to US$ 24 million. IAN's "By Entrepreneurs, For Entrepreneurs" network gives access to the vast business network of IAN's influential members, strategic direction, and operational guidance apart from financial investment which is critical for creating large, valuable companies.
Founders
Founded in 2013 by Gaurav Srivastava, Gautam Kumar, and Kushal Nahata, Fareye was started keeping in mind the increasing need of businesses to improve visibility and simplifying job processes. Fareye provides instant real time support right in manager’s hands to increase their productivity and makes available the critical information to find customer location, optimum route and recording job updates. A highly scalable cloud, GPS enabled solution; Fareye aims to provide an answer to a critical pain point of a fast growing, remote workforce model. The company has recently started its global journey and has empowered Namshi - Middle East’s prominent online destination for fashion.
Nitin Jain, an IAN Investor member who will be joining Fareye board said, “In the last few years we have seen several companies going remote. Remote workforce management is not only cost effective, but it also creates a competitive advantage for companies as efficiency improvements are realized. However, for effective operations companies require the right technology to support a remote infrastructure. We believe that Fareye seamlessly meets the essential requirements of such businesses. Gaurav, Gautam, and Kushal form a truly passionate team and we are looking forward to work with them.”
Kushal Nahata, Co-founder, Fareye said,
We will use the investment primarily for three things – upgrade up sales, enable aggressive client acquisition, product development. We plan to improve our technology focus so that we can operate on a bigger scale and employ the right talent to help us achieve the goals that we have set up for ourselves. We are proud to be to be associated with Indian Angel Network. We are certain that IAN mentorship and investment will help us to build an accelerate growth path for Fareye
Padmaja Ruparel, President, IAN stated “The logistics space provides a great opportunity for entrepreneurs to build a high growth company with an innovative solution. Fareye picked up on this need and the promoter team is focused on quickly scaling up on the back of this market. ”
In a conversation with YourStory, Kushal explained that the application will work well even on 2G networks and hence their solution will worked well even in tier 2 and tier 3 cities and towns. The aim of this solution is to provide better two way transparency into what goes on in the background on the logistic side of things. They aim to improve optimization and increase efficiency for E-commerce as well as companies and organisations in other sectors who might wish to avail their service.
