India and the US-based Freight tracking Logistics startup, FourKites has raised $50 million in Series funding to expand their India team. The latest round of funding includes existing Silicon Valley-based investors such as August Capital, Bain Capital Ventures, CEAS Investments and Hyde Park Angels.
The company set up in 2014 has raised $101.5 million in external funding since its inception. Headquartered in Chicago, it has close to 200 employees in its engineering team in Chennai alone and as part of its expansion plan in 2019, the company hopes to add another 200 employees in Chennai and another 150 in their US office.
Speaking about the funding, it said in a statement, “We are extremely delighted with the multifold growth of FourKites in recent years. With Series C funding in place, we are looking forward to accelerating the growth of the company by further expanding our engineering talent pool,” the company said in a statement.”
Their Chennai office has been at the forefront in developing advanced technologies like predictive intelligence and cloud solutions for catering to scores of customers across 55 countries. The company says that these technologies have helped them in substantial cost reduction by the means of real-time tracking of packages, on-time delivery and optimised supply chain.
Talking about their efficient team to a leading portal, the representatives of the company said, “All the software works of FourKites has been developed by the engineers in Chennai, and are innovating constantly in cloud solutions, data science and predictive capabilities. The company has close to 140 software engineers in Chennai. Apart from this, we also have engineers who are working in areas of operations and product management. We have recently started a pilot team on the sales side as well. Altogether, we have close 200 engineers.”
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Akshaya Asokan works as a Technology Journalist at Analytics India Magazine. She has previously worked with IDG Media and The New Indian Express. When not writing, she can be seen either reading or staring at a flower.