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FarEye: FarEye launches initiative to mentor logistics startups

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To support startups raise funds and receive mentoring from global experts in the logistics sector, technology platform FarEye has launched its ‘last-mile innovation nexus’ initiative, the company said.
Kushal Nahata, cofounder and CEO, FarEye said that startups will play a key role in reducing logistics cost and the ‘Innovation Nexus’ would be a game changer for early stage startups from mentoring to easy fund raising.

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This initiative was unveiled on Friday in Greater Noida during ‘The Last Mile Leaders Event’ organised by FarEye in collaboration with Microsoft.

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

“It 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,” said Gautam Kumar, COO & Co-founder, FarEye.

During the event, the Last-Mile Trends Report 2024 was unveiled which highlighted crucial factors influencing the strategic decisions and market dynamics of the logistics sector.

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Nahata also said that within the next five years, autonomous drones will handle 30% of urban deliveries, reducing delivery times and costs dramatically.“With urban delivery traffic projected to increase carbon emissions by 32% by 2030, prioritizing sustainability is non-negotiable,” he said and added that the surge in electric vehicle adoption and government initiatives like the FAME scheme, reflects a visible shift towards greener logistics in India.