Delhi-headquartered SaaS-based logistics firm FarEye has announced the acquisition of Delhi-based startup Dipper Technologies, an Internet of Things (IoT) platform that offers online marketplace to connect trucks (load seekers) with load (load owners).
The financials of acquisition deal were remain undisclosed however.
Founded in 2015 by Ayush Syal (IIT-Guwahati) and Suryansh Jalan (NIT-T), Dipper is an IoT-enabled online platform for freight logistics that has created a digital ecosystem connecting all relevant stakeholders on one platform platform providing visibility and predictability in freight movement. The startup had raised single round of funding from angel investor(s) in June 2016, according to data by Crunchbase.
According to Dipper’s Linkein company page, it currently digitalises movement of over 1.25 Lakh tons/month of material, processes over 6 million location pings daily, has 5+ TMS integrations and 10+ 3rd party hardware integrations including partnerships with several OEMs like TATA Motors, Mahindra, etc
Post acquisition of Dipper, its co-founder Suryansh Jalan is now President of Transportation at FarEye.
FarEye, which was also founded in 2015, is a last mile SaaS-based delivery platform, servicing over 100 customers across five continents. The company has got backing from eminent investors including DHL, Indian Angel Networks and SAIF Partners, among others.
“We are now headed towards digitalising India’s transportation industry and improve it to ensure on-time deliveries with reduced cost of goods movement,” said Kushal Nahata, Co-founder and CEO of FarEye.
The acquisition of Dipper Technologies is in line with FarEye’s growth plans to solve challenges for long-haul and multi-modal logistics.
“Shippers are losing a lot of time, money and inventory due to unpredicted freight movement. India spends about $160 billion on road logistics, twice compared to countries with an efficient transportation infrastructure,” Nahata said.
“The Dipper team understood the problem really well and this understanding coupled with a very passionate team and a strong product supplemented FarEye’s existing strength in supply chain industry technology,” he added.
One of the biggest problems in road transportation is lack of data because of fragmented industry with multiple stakeholders. Dipper provides a solution by using a mix of IoT devices, SIM cards, smartphones and its wide network of IoT/ERP (enterprise resource planning) providers.
The location data (received from IoT ecosystem) is fed into FarEye’s Machine Learning platform that then predicts estimated time of arrival in long-haul movements by learning the delays at tolls and terrains.
“We are now a strong team of 200, consulting more than 100 customers — targeting the trillion dollar logistics and supply chain industry, globally,” Nahata said.