FarEye Launches Initiative to Support Logistics Startups

New Delhi, Apr 20 (PTI) Last-mile Technology platform FarEye on Saturday said it has launched an initiative, Innovation Nexus, to help startups raise funds and receive mentoring from global experts in the logistics sector.

The initiative will provide a direct platform for promising logistics startups to engage with industry leaders and foster connections, the company said.

FarEye co-founder and CEO Kushal Nahata said the national logistics policy launched by the government offers huge opportunities for startups.

Startups are going to play a significant role in reducing logistics costs, and in this journey, Innovation Nexus is going to be the game changer for early-stage startups from mentoring to easy fundraising, Nahata added.

The initiative was unveiled at Greater Noida during 'The Last Mile Leaders Event", organised on April 19 by FarEye in collaboration with Microsoft.

FarEye COO and co-founder Gautam Kumar said, "The initiative is a launchpad for startups to secure transformative partnerships. It is exciting to see the surge in the adoption of AI, robotics, and embedded data analytics, all geared toward enhancing the efficiency and effectiveness of logistics operations".

During a day-long event, over 40 supply chain experts from more than 20 countries, representing diverse industries, including retail, logistics, postal, consumer packaged goods (CPG), and pharmaceuticals, came together to explore the transformative potential of technology in driving cost reduction in the logistics sector.

During the event, the Last-Mile Trends Report 2024 was also unveiled.

The report highlights crucial factors influencing the logistics sector's strategic decisions and market dynamics, it said.

Nahata also said that within the next five years, autonomous drones will handle 30 per cent of urban deliveries, reducing delivery times and costs dramatically.

"With urban delivery traffic projected to increase carbon emissions by 32 per cent by 2030, prioritising sustainability is non-negotiable. The surge in electric vehicle adoption and government initiatives like the FAME scheme reflects a visible shift towards greener logistics in India," he added.