FarEye, a SaaS-based logistics management platform, has raised over $150 million across seven rounds to date, including a $100 million Series E in May 2021. However, despite this, the company is yet to cross Rs 100 crore in revenue, as per its last reported numbers with the Registrar of Companies (ROC). In FY22, the company’s operating scale grew 53.4% to Rs 97.7 crore, up from Rs 63.7 crore in FY21. However, losses increased three-fold and neared Rs 235 crore.
FarEye generated 80% of its operating revenue from global markets, which increased 60% to Rs 78.8 crore during FY22. The company earned Rs 31.1 crore mainly from interest on fixed deposits and other financial instruments.
Employee benefits cost formed 64.1% of the overall cost, which surged 2.25X to Rs 231.6 crore in FY22 from Rs 102.8 crore in FY21. Legal professional charges and information technology costs grew 2.26X and 2.16X, respectively, to Rs 51.9 crore and Rs 36.4 crore in FY22. The cost of advertising and promotional expenses shot up over 3X to Rs 15.8 crore in FY22, which pushed FarEye’s overall expenses up by 2.29X to Rs 361.30 crore in FY22 from Rs 157.70 crore in FY21. As a result, FarEye’s losses grew around three-fold to Rs 232.5 crore in FY22 from Rs 79.8 crore in FY21.
FarEye’s ROCE and EBITDA margin were registered at -35.87% and -176.55%, respectively, in FY22. The company spent 3.70 to earn a single unit of operating revenue.b FarEye’s legal professional charges and information technology costs grew 2.26X and 2.16X, respectively, to Rs 51.9 crore and Rs 36.4 crore in FY22. The cost of advertising and promotional expenses shot up over 3X to Rs 15.8 crore in FY22, which pushed the company’s overall expenses up by 2.29X to Rs 361.30 crore in FY22 from Rs 157.70 crore in FY21. These increased expenses contributed to FarEye’s losses growing three-fold to Rs 232.5 crore in FY22.