FarEye laid off 250 employees at the time of appraisal
New Delhi:
Software as a service provider FarEye had laid off about 250 employees at the time of their review, according to industry sources.
When contacted, FarEye said weakness in market conditions and team restructuring have resulted in a reduction in team size.
“Given the softness in market conditions, next year we are focusing our efforts and aligning our resources in areas that bring maximum value to our customers while solving their key challenges.” around operational efficiency, cost optimization and the delivery experience,” FarEye CEO and co-founder Kushal Nahata said in a statement.
He said the company is strengthening its core competencies, focusing more deeply on product differentiation and automation, and optimizing the effort required to manage operations.
“This strategic restructuring led to the need to restructure a portion of our team. For a company like FarEye that has always kept people at its core and believes that people are its strongest asset. us, it was a difficult period, we Nahata said.
The company focuses on providing software solutions for e-commerce logistics.
“Our priority right now is to take care of those who have to part with us, and in addition to ensuring their legal rights and interests, we are also actively working to help them support employment through our alternative services and network They are some of the best in the business, I deeply value their unsurpassed talent and passion and believe they will be a great addition to any organization,” added Nahata.
Last year, the e-commerce-focused software-as-a-service (SaaS) provider raised $100 million in an E-chain funding round led by TCV and Dragoneer Investment Group.
Existing investors Eight Roads Ventures, Fundamentum and Honeywell also participated in the round.
The FarEye founder announced in December that the company recorded a 180% jump in revenue between 2020-21 and that it continues to grow at a 100% annual revenue rate.
In September 2019, it was certified as a great place to work by the ‘Great Place to Work’ organization.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
