Fareye gets Rs 2 crore funding from IAN

FareyeFareye is a company that provides solution on real time coordination for field workforce management through GPS based vehicle tracking system. Fareye was founded in 2013 by Gaurav Srivastava, Gautam Kumar, and Kushal Nahata.

The company is being funded Rs 2 crore from Indian Angel Network (IAN) which brings together highly successful entrepreneurs which have the potential of creating disproportionate value. IAN investors Nitin Jain and Piyush Chawla led the investment round in the startup and also will be part of the Fareye board, said a statement.

“In the last few years we have seen several companies going remote. Remote workforce management is not only cost effective, but it also creates a competitive advantage for companies as efficiency improvements are realized. However, for effective operations companies require the right technology to support a remote infrastructure.” said Jain.

Nahata said that the investment will be basically used for three things – upgrade sales, enable aggressive client acquisition, and product development. “We plan to improve our technology focus so that we can operate on a bigger scale and employ the right talent to help us achieve the goals that we have set up for ourselves,” Nahata said, reported ET.