IT startup Fareye expects to become a unicorn within the next six to 12 months based on the revenue growth trend the company is recording, which is primarily driven by US operations.
Fareye CEO and co-founder Kushal Nahata said the company has doubled its team size in the US and Europe and expanded its engineering team by 25 members in the past two quarters to support growth.
The e-commerce-focused software-as-a-service (SaaS) raised $100 million from the Series E round led by TCV and Dragoneer Investment Group.
Existing investors Eight Roads Ventures, Fundamentum and Honeywell also joined the round.
“In the next round of funding we will probably feel closer to it. I think in the next 6-12 months we will be unicorn. It’s just a tag you get and it doesn’t change anything on the business front. It’s a combination from investor insight and the funding round we are getting,” said Nahata.
He said $100 million in funding is enough for the company to become a unicorn and even exceed that level without any additional funding.
The Fareye founder claims to have posted a 180 percent increase in revenue in the fiscal year ended March 31, 2021 and the company continues to grow at 100 percent annual sales.The company plans to continue operating both in India and abroad to fuel its growth.
“This year, we plan to increase our strength by more than 1,000 across our five offices in Chicago, London, Dubai, Singapore and India,” said Nahata.
Talking about the company’s business order book, he said that 50 percent comes from the US and the other 50 percent comes from Europe, Southeast Asia and India as the main markets.
“In Europe, we mainly focus on Western Europe. Last year we weren’t focused on India, but over the past two quarters, our pipeline in India has been crazy and has grown eight times what it was,” said Mr. Nahata.
He said the holidays were a great time for the company’s business and growth in most categories is returning, if not increasing, at least getting back to where they were before.
The company currently focuses on D2C (direct to consumer) and B2C (business to consumer) in various categories, including grocery, food, fresh, electronics and helping them improve deliveries.
“We look at the companies that are trying to deliver to customers within a certain time frame, with a very predictable time frame, those are the companies that we are going after. In India there is a lot of demand for companies to improve their deliveries and we have a lot in store,” said Nahata.