New Delhi, February 4: End-to-end global delivery management platform FarEye has laid off 90 employees, which is its second layoffs in about eight months amid the economic meltdown.
According to a report in leading startup portal Inc42, the latest job cuts affected employees across departments, including tech, product, HRBP and sales. Getaround Layoffs: US-Based Car-Sharing Company Sacks 10% of Its Workforce for ‘Sustainable Profitability and Long-Term Growth’.
"The reduction in staff was necessary to align business strategy with market demand," said FarEye CEO Kushal Nahata, citing macroeconomic conditions for the fresh round of layoffs. In June last year, FarEye laid off nearly 250 employees amid the funding winter that engulfed the startup ecosystem.
The company asked some of its workforce to leave because of 'strategic realignment' to focus on areas that drive maximum value. Nahata had said then that the platform "had to make some hard decisions to reduce its team across operations and services". Tesla Layoffs: Elon Musk-Run Electric Car Maker Company To Sack 10% Employees in Early 2023, Pauses All Hiring.
"We are strengthening our core competencies, deepening our focus on product differentiation, and automation, and optimising the effort required to manage operations," Nahata added. FarEye, a global SaaS platform provider transforming last-mile logistics, was established in 2013 by Nahata, Gautam Kumar and Gaurav Srivastava.
In May 2021, it raised $100 million in its series-E funding round led by TCV and Dragoneer Investment Group. In India, more than 21,000 tech employees have lost jobs in the deepening funding winter.
(The above story first appeared on LatestLY on Feb 04, 2023 03:35 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).