FarEye, a logistics management SaaS, raised $150 million in seven stages, including a $100 million Series E in May 2021. According to its recent ROC filing, the decade-old firm has yet to reach Rs 100 crore in revenue.
In FY22, its operational scale increased 53.4% to Rs 97.7 crore from Rs 63.7 crore, while its losses tripled to Rs 235 crore.
FarEye provides software for major logistics platforms in manufacturing, courier, e-commerce, food, and groceries. According to its RoC-filed consolidated financial accounts, the company’s main revenue source was services, which climbed 53.4% to Rs 97.7 crore in FY22.
Importantly, FarEye produced 80% of operational revenue from worldwide markets, which climbed 60% to Rs 78.8 crore in FY22. FarEye has subsidiaries in the US, Singapore, and the UK.
The Noida-based company made Rs 31.1 crore through fixed deposit and other financial instrument interest.
Employee benefits cost 64.1% of expenses in FY22, up 2.25X from Rs 102.8 crore in FY21. Cash-paid ESOP expenses total Rs 13 crore.
Legal professional charges and IT costs, including server and software, increased 2.26X and 2.16X to Rs 51.9 crore and Rs 36.4 crore, respectively, in FY22.
FarEye’s overall spending increased 2.29X to Rs 361.30 crore in FY22 from Rs 157.70 crore in FY21 due to a 3X increase in advertising promotional expenses to Rs 15.8 crore.
Instead of growing 53%, its losses tripled to Rs 232.5 crore in FY22 from Rs 79.8 crore in FY21.
In FY22, ROCE and EBITDA margin were -35.87% and -176.55%, respectively, due to high burn. Operating revenue cost 3.70.