FarEye, an end-to-end global delivery management platform based in New Delhi, has announced the layoff of 90 employees, marking its second round of job cuts in approximately eight months amidst the prevailing economic challenges.
The recent layoffs, affecting various departments including technology, product development, human resources, business partnerships, and sales, were reported by leading startup portal Inc42.
FarEye CEO Kushal Nahata attributed the reduction in workforce to the necessity of aligning the company’s business strategy with market demand, citing prevailing macroeconomic conditions as a factor influencing the decision.
This marks the second instance of layoffs for FarEye, following a significant reduction of nearly 250 employees in June of the previous year, during a period of funding constraints within the startup ecosystem.
The company justified the earlier layoffs as part of a strategic realignment aimed at concentrating efforts on areas with the potential to generate maximum value.
Nahata emphasized the company’s commitment to reinforcing its core competencies, intensifying focus on product differentiation and automation, and optimizing operational efficiency.
Established in 2013 by Nahata, Gautam Kumar, and Gaurav Srivastava, FarEye has positioned itself as a global Software-as-a-Service (SaaS) platform provider revolutionizing last-mile logistics.
In May 2021, FarEye secured $100 million in its series-E funding round led by TCV and Dragoneer Investment Group.
In India, the deepening funding winter has resulted in over 21,000 job losses among technology professionals, underscoring the challenges faced by startups amidst prevailing market conditions.
