Enterprise mobility sector is growing rapidly in Asia. However, most of the companies in this segment mainly have domain specific product, not a platform. Founded in 2013 by three Co-Founders Kushal Nahata (CEO), Gautam Kumar (COO) and Gaurav Srivastava (CTO), New Delhi-based FarEye is a mobile workforce management platform that helps organizations to schedule jobs, track execution and evaluate the performance, all in real time. The startup helps companies to generate more revenues by increasing productivity and customer satisfaction.
FarEye is an Android base app which is given only for registered clients ( or prospective clients if they ask for 1 month free demo).
It works with companies across industries like BFSI, consumer durables, healthcare, hyperlocals, marketplace, financial, travel & tourism and logistics eCommerce, providing services to organizations with mobile workers.
The startup offers several benefits to its clients including real time co-ordination with mobile workforce, task automation, constant job updates, tracking workers, identification of best worker to perform a task, reduction in manual work, analytical reports and smarter decision making.
“With the world moving towards connectivity etc., we are working on Internet of Logistics (IoL) and Internet of Things (IoT); where it is not just devices but also people will get connected to each other and help each other in working better,” said Kushal Nahata.
“FarEye has a niche positioning in the industry with its cashless transactions enabler (wallets), network impact & data analytics to conquer the market by having superior functionalities. We are not restricted by the type of industry, function (sales, supply chain, services), employee strength or geography,” He added. Its customizable solution can integrate into the existing workflow of the organization to increase the efficiency and effectiveness of its field operation.
What inspired the conception of FarEye?
The idea came from the personal experiences of the founders. The main challenge the three co-founders saw was lack of visibility of field operations/workforce. That’s when they thought of developing a solution for managers to keep a track of their workforce came to them.
What problems is it solving?
The startup offers a customizable enterprise mobility platform to companies for Process Automation (for eCommerce: on boarding of sellers & product management) and Field Workforce Management.
Using FarEye, a manager will be able to stay aware of the productivity of his team. He can address customer vagaries by the identification and traction of any field worker, and recognize problem areas through heat maps and other analytical reports.
For field workers, FarEye reduces administrative work (manual data entry, cash reconciliation etc.) leading to increased productivity.
There are certain global companies (such as Click Software, JDA.) which offer services similar to that of FarEye but they are not present in this geography. For example, FarEye faces direct competition from FieldEz, Service Max etc. but these global companies have limited presence in Asia.
Software Companies like Infosys, Wipro, TCS etc. are offering softwares on demand, and enterprise mobility solution and companies like RapidValue, AssetTrackr are developing dedicated enterprise mobility solution applications.
Funding raised till now
FarEye had raised a funding of Rs.2 crore in 2014 from IAN. It was spent for strengthening the tech & support team, hiring new talent and for marketing activities.
Present status and future plans
The company has helped more than 35 organizations across 10 countries to manage their mobile workforce and work better. The startup processes over 1 million transactions a day. At present more than 5 million transactions have been done on the site.
FarEye has 20% of its revenues coming from overseas clients and by the end of this year, the company plans to set up offices in Dubai and Singapore. It also has plans to raise funds for capacity building as well as latent demand internationally and expand the scope of the platform.
The startup has two subscription models:
a. License or per user based – For a small or medium enterprise, FarEye charges per license basis.
b. Transaction based – For big companies in which the field workforce is around 15,000, and it charge according to the transaction/delivery.
Market size and market opportunity
Enterprise Mobility is a billion dollar market. Mobile technology is cheap, accessible & easy to use which makes it attractive to any enterprise. With over 3 billion workforce worldwide, only 20% have accessed technology to enhance their efficiency at work. That leaves a target of the remaining 2.5 billion people ensuring immense scope in this market. Some of the biggest revenue generating industries like manufacturing and construction, spend a dismal amount on technology. A large portion of the technology-less 2 billion-plus workers are in the developing world (50% in Asia-Pacific, 10 % in the Middle East and Africa) ensuring immense global opportunity in the market that FarEye is looking to capture.