SaaS logistics startup FarEye lays off 250 employees
FarEye attributed the downsizing to softness in market conditions and restructuring of the team.
Software-as-a-service (SaaS) provider has laid off around 250 employees at the time of their appraisal, according to industry sources.
When contacted, FarEye said softness in market conditions and restructuring of the team led to a reduction in team size.
“With the softness in market conditions, in the year ahead, we are focusing on our efforts and aligning resources in areas that drive maximum value for our customers while addressing their key challenges around operational efficiencies, cost optimisation, and delivery experience," FarEye CEO and Co-founder Kushal Nahata said in a statement.
He said the company is strengthening core competencies, deepening its focus on product differentiation and automation, and optimising the effort required to manage operations.
"This strategic realignment has resulted in the need to restructure a part of our team. For a company like FarEye that has always kept its people at the core, and believes that our people are our strongest asset, it has been a difficult period. We had to make some hard decisions to reduce our team across operations and services," Kushal said.
The company focuses on providing software solutions for ecommerce logistics.
"Our priority right now is to take care of those who do have to part with us, and in addition to ensuring their rightful benefits and entitlements, we are proactively working to help them with job support via our outplacement services and our network. They are some of the best in business; I deeply value their remarkable talent and passion and believe that they will be a great addition to any organisation," he added.
Last year, the ecommerce-focused SaaS provider raised $100 million in a Series E funding round led by TCV and Dragoneer Investment Group. Existing investors Eight Roads Ventures, Fundamentum, and Honeywell also participated in the round.
In December 2021, the FarEye founder had claimed that the company recorded 180 percent jump in revenue in 2020-21, and it continues to grow at a 100 percent annual revenue rate.
In September 2019, it was certified as a great workplace by the 'Great Place to Work organization'.
Edited by Kanishk Singh