After a number of organisations, especially startups, such as Unacademy, Zerodha, CarDekho, BharatPe, Meesho and Swiggy walked down the path of ESOP buybacks in order to ensure employee retention, now FarEye has followed suit. The logistics management platform (operating as a software providing service), announced the distribution of $739, 000 to liquidate ESOP choices for its workforce, for the first time.
FarEye is a startup that provides a platform for absolute logistics management to several enterprises. It helps companies organise, tap down, track and optimise their logistical operations. It has been successful in ruling out the issue of lack of transparency and visibility in the process of movement of goods, long-haul deliveries, and so on, by using AI to identify the best solution. The organisation has plans for further extension of services outside India, after securing a good client-base in the US, Europe and Singapore. Many of their existing clients, who have shook hands upon continuation of tie-ups, now decided to operate in other markets.
The Noida-based FarEye has successfully raised funds worth $37.5 million in a Series D round, which by the way, happens to be the second instance, escalating the total worth of funds raised to a whopping $50 million. These funds will help the startup expand its services of logistics administration to organisations, such as DHL, Walmart and Amway, and enhance its stronghold in the global markets.
Despite the lockdown and the unprecedented economic crisis, FarEye has managed to increase its workforce by 12 per cent and further plans to roll out such schemes and benefits, to reciprocate the hard work put in by the employees and to make them equal partners in the success of the firm.