Software as a Service (SaaS) providerlaid off 250 employees at the time of their evaluation, according to industry sources.
When contacted, FarEye said weak market conditions and team restructuring have caused the team to shrink in size.
“With weak market conditions, in the coming year we are focusing our efforts and aligning our resources in areas that drive maximum value for our customers while addressing their key efficiency challenges. operational, cost optimization and delivery experience,” said FarEye’s CEO. and co-founder Kushal Nahata said in a statement.
He said the company is strengthening its core competencies, deepening its focus on product differentiation and automation, and optimizing the effort required to manage operations.
“This strategic realignment has resulted in the need to restructure part of our team. For a company like FarEye, which has always kept its employees at the heart of its concerns and believes that our employees are our strongest asset, this has been a period We had to make tough decisions to reduce our team in operations and services,” Kushal said.
The company focuses on providing software solutions for e-commerce logistics.
“Our current priority is to care for those who must part ways with us, and in addition to ensuring their legitimate benefits and rights, we are working proactively to assist them with employment support through our outplacement services and our network. They are some of the best in the business world; I deeply appreciate their remarkable talent and passion and believe they will be a great addition to any organization,” he added.
Last year, the e-commerce-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 founder of FarEye claimed that the company was registering 180% increase in revenue in 2020-21, and it continues to grow at an annual revenue rate of 100%.
In September 2019 it was certified as a great place to work by the organization “Great Place to Work”.