Today e-commerce has simplified the process of buying and selling products online. All that we need to do to buy a product is visit the website, select the product, book it, pay for the same or else pay cash on delivery on receiving the product. We have access to advanced mobile phones, improved IT standards, IT supercomputers for computing, wireless devices and much more. But there is no software to solve the problem of the delivery boy who is actually in need of information be it about the travel routes, customer data, cash reconciliation etc. Neither do we take into consideration the difficulty the delivery boys face while finding and reaching out to every customer to deliver the product. FarEye has emerged as the messiah for these delivery boys, which has evolved to solve the grass-root level problem of the industry, a “productivity tool” for the workforce as well as the logistics and supply chain organisations.
The evolution of FarEye
On a regular morning, the founders were brain-storming the business model. Just then, a courier boy walked into the room. He was carrying a large bag which seemed much heavier than him; drowned in sweat and exhausted due to simmering temperature outside. He then completed all the formalities of dispatching the courier including getting the customer signature, and asked before leaving “How far is Gulmohar enclave from here? How long will it take?” After knowing the route, he left the place with his bag. This is when the founders got an idea to develop a solution that could make the lives of delivery boys easier, and help them in multi-tasking by gamifying the field jobs by reducing the time spent unnecessarily. They started working on a solution that could help them (delivery boys) earn more, do more jobs at the same time, lead a respectable life: in all a solution that could help them earn better and work easier and smarter.
What is FarEye?
FarEye is a SaaS based Mobile Workforce Management Platform that enables efficient field workforce management and transparency in field operations across industry verticals and geographies. FarEye solves the critical problems faced by any enterprise i.e., real time co-ordination between jobs, mobile workers and on-demand consumer requests. The FarEye solution increases companies’ productivity and reduces cost, thus transforming businesses to be more efficient, flexible and customer centric.
FarEye optimizes businesses by moving their logistics operations on a mobile through its SaaS mobility platform that helps companies schedule and dispatch jobs, monitor executions and analyse performance, all in real time making businesses more responsive, customer-centric and profitable. Automation, visibility and real-time co-ordination ensures on-time completion of jobs, reduced turnaround time and increased accountability of employees.
The company works with companies across industries like BFSI, consumer durables, and healthcare sectors and is a leader in the logistics ecommerce industry providing exemplary services to organizations with field workers.
Founded in 2013, with an intention to build a technology that lasts long, impacts the lives of billions, FarEye has never looked back. FarEye has become the best choice for companies today because it helps them provide unique experience to their customers. FarEye is:
- A robust and customisable platform
- An end-to-end solution for field operations
- Working with industry leaders in all segments
- Having more than 5 million transactions performed across 10 countries
- Empowering 75 plus companies in delighting their customers everyday
How it works?
With demand forecasting tools and dispatch algorithms, FarEye helps in optimizing the workforce based on the resources available, and this helps the service organizations increase resource productivity with less idle time and higher service-level achievement, thereby improving execution of service-delivery plans. With FarEye, logistics organizations can:
- Schedule, assign and dispatch jobs to the delivery boys
- Get a 360-degree view of what’s happening in the field
- Analyse the field operations
Apart from reducing the costs and increasing the profits of its client organizations, the company claims to have saved 7 million man-hours for its customers till now.
FarEye is the brainchild of the three alumni from Kalinga Institute of Information Technology, Bhubaneswar. Kushal Nahata, Co-Founder and CEO, is an entrepreneur translating his vision of building a legendary venture into reality. He is a marketer at heart and has expertise in building innovative business opportunities and strategizing the growth. An avid traveller and highly passionate about storytelling, he has interests in marketing, business strategy, and technology innovation.
Gaurav Srivastava, Co-Founder & CTO, is leading the technology team at FarEye. He spends most of his time designing, implementing and deploying exciting new features and mapping client’s use cases.
Gautam Kumar, Co-Founder & COO, is an entrepreneur at heart and highly passionate about technology and innovations. His craving for experimenting and solving the industry problems makes him stand out amongst the rest. This unique trait earned him “Social Innovator of India” amongst the innovators from the world aged under 35, by MIT Technology Review in the year 2011.
Funds and Future Objectives
The company has received its seed capital/funding of Rs. 2 crores funding from Indian Angels Network in 2014. Running on positive cashflows, recently, it has secured $3.5 million (Rs 20 crore) as growth funds from Saif Partners and completed its Series A round of funding.
The company has its presence in five industry verticals in India, and claims to have significant number of clients in South East & Middle East. While strengthening its base in these regions, FarEye has plans to expand its operations to Asia-Pacific & European markets.
Market and Feasibility
Plagued by operational inefficiencies and high costs, the $60,000 billion logistics industry is a challenging sector worldwide. FarEye aims at streamlining the operations by providing them with the most effective platform to deal with the complexities and speed necessary to achieve their full potential. With a mere 20 percent technology penetration in workforce, that is 3 billion active users, FarEye looks ahead to a huge potential market that would benefit from its technology platform aimed at maximizing workforce efficiency, and consequently invert the statistics into a more favourable number.
A massive adoption of the smartphones as well as the businesses realizing that digital transformation is essential for growth in revenue and productivity, have made the enterprise mobility space undoubtedly the next big billion-dollar opportunity. FarEye has already introduced predictive analytics as one of the functionality on its platform and see ‘Wallets on Delivery’ and IoT as new value proposition for the industry.
FarEye aims to help logistics and supply chain companies in managing the everyday operations in a much better and smarter way. In pursuit of this objective, the company partnered with Samsung, one of the world’s leading smartphone makers and prominent financial partners to help its clients with a complete business solution that integrates mobile phone, its financing and the enterprise mobility platform to manage operations effectively. With its long term goal of serving the society, the company believes in building something that lasts long rather than building something fast.
Industry and Competition
FarEye is a SaaS based mobility platform for logistics operations in India. The big players in the market includes ServiceMax, JDA Software, Click Software, Bringg and so on which have limited presence in the market compared to FarEye. Even though the company has a great presence in the market, it faces few challenges that includes competition from in-house software and also from companies like TCS and Wipro. The start-up considers its 35 passionate team members as its strength and is ready to face any challenge with a motto of creating something new that will benefit the society at ground level.