Logistics-tech firm FourKites pockets Series C cheque, to double India headcount
FourKites, a logistics-focussed technology startup which operates out of India and the US, has raised $50 million (around Rs 357 crore at current exchange rates) in a Series C round of funding from its existing investors.
The firms which have invested afresh are Silicon Valley-based August Capital, US-headquartered Bain Capital Ventures and Hyde Park Venture Partners along with CEAS Investments.
With the latest infusion, FourKites has cumulatively raised $101.5 million in external funding since its inception in 2014.
FourKites, which counts global brands such as Kraft Heinz and Nestlé among its clients, said in a statement that it will use the fresh capital to expand its supply chain platform with new applications and capabilities and grow its global network of shippers and carriers.
The firm also plans to double its headcount in India.
“With Series C funding in place, we are looking forward to accelerating the growth of the company by further expanding our engineering talent pool,” said Arun Chandrasekaran, co-founder and chief technology officer of FourKites.
“In addition to investing in strengthening our R&D capabilities, we will continue our investment in employing and developing right talent in India,” he added.
Founded by Chandrasekaran and Mathew Elenjickal, who is the company’s chief executive officer, FourKites’ engineering and technology teams are based in Chennai while its headquarters are in Chicago.
FourKites provides predictive data analytics for supply chain management. Optimised for mobile, it offers real-time visibility and execution for Fortune 500 companies and third-party logistics firms.
The firm uses a proprietary algorithm to calculate shipment arrival times across different modes of transport and says it helps enterprise shippers lower operating costs, improve on-time performance, and strengthen end-customer relationships.
According to the statement, the company currently tracks shipments in 55 countries across North America, South America, Europe and Africa.
FourKites had in February last year raised $35 million (Rs 228 crore then) in a Series B round of funding led by August Capital.
Among other recent developments in the sector, FarEye, a logistics management firm in the SaaS mould, had in November acquired Internet of Things-powered freight logistics marketplace Dipper for an undisclosed amount.
In the broader space, a number of logistics startups have raised funding in the recent past. These include Blackbuck, Freightwalla and LetsTransport.