According to industry sources, FarEye, a software-as-a-service company, laid off roughly 250 employees during their review. When approached, FarEye stated that the team size was reduced due to soft market circumstances and team reorganisation.
“With market circumstances softening, we are focusing our efforts and aligning resources in areas that provide maximum value for our clients while solving their core problems surrounding operational efficiency, cost minimization, and delivery experience,” said FarEye CEO and co-founder Kushal Nahata in a statement.
He stated that the corporation is focusing on core strengths, product differentiation, and automation, as well as optimising the work necessary to run operations.
“This strategic realignment necessitated the restructuring of a portion of our personnel. It has been a challenging era for a firm like FarEye, which has always put its employees first and thinks that our people are our most valuable asset. We have to make difficult decisions in order to decrease our personnel across operations and services “Nahata stated.
The firm specialises on software solutions for e-commerce logistics.
“Our goal right now is to care for people who must leave us, and in addition to assuring their due benefits and entitlements, we are proactively trying to assist them with employment support through our outplacement services and network. They are among the finest in the business; I highly regard their exceptional talent and enthusiasm and feel they will be an asset to any corporation “Nahata elaborated.
Last year, the e-commerce software-as-a-service (SaaS) company secured $100 million in a series E fundraising round headed by TCV and Dragoneer Investment Group. Eight Roads Ventures, Fundamentum, and Honeywell NSE -1.34 percent, all existing investors, also participated in the round.
FarEye’s founder said in December that the company’s revenue increased by 180 percent in 2020-21 and that it continues to expand at a 100 percent yearly rate.
The ‘Outstanding Place to Work organisation’ certified it as a great workplace in September 2019.