IT Startup Fareye Aiming To Turn Unicorn In A Year, Says Founder
Based on its revenue growth trajectory, which is mostly driven by business in the United States, IT firm Fareye hopes to become a unicorn over the next six to twelve months.
To support the firm’s expansion, Fareye CEO and co-founder Kushal Nahata said the company has doubled its staff size in the US and Europe, as well as expanded its technical team by 25 employees in the last two quarters.TCV and Dragoneer Investment Group led a $100 million series E financing for the e-commerce focused software-as-a-service (SaaS).
Eight Roads Ventures, Fundamentum, and Honeywell were among the existing investors in the round.”We’ll probably feel closer to it in the next round of fundraising.” I believe we shall be unicorns in the next 6-12 months. It’s merely a tag that you acquire, and it has no bearing on your business.
According to him, $100 million in capital is sufficient for the company to become a unicorn and even surpass it without more funding.Fareye’s creator claims that the company’s revenue increased by 180 percent in the fiscal year ending March 31, 2021, and that it is still growing at a 100% yearly pace.To fuel its expansion, the company intends to continue employing both in India and abroad.”We expect to hire over 1,000 people this year across our five offices in Chicago, London, Dubai, Singapore, and India,” Mr Nahata added.He claimed that 50% of the company’s commercial order book comes from the United States, with the remaining 50% coming from Europe, Southeast Asia, and India as major markets.
“We are primarily concerned with Western Europe in Europe. We didn’t focus on India last year, but in the last two quarters, our India pipeline has expanded eight times its previous size “Mr. Nahata explained.He stated that the holiday season was a terrific time for the company’s business, and that growth in most categories is returning, if not expanding, at least rebounding back to where it was previously.The company is currently focusing on D2C (direct to consumer) and B2C (business to consumer) in areas such as grocery, food, fresh, and electronics, as well as assisting customers in improving delivery times.
“We’re seeking for companies who are striving to deliver to clients in a specified amount of time and in a very predictable time frame. In India, there is a lot of desire for enterprises to improve their deliveries, and we have a lot in store for you “Mr. Nahata explained.
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