Software-as-a-service (SaaS) based logistics management company FarEye, has laid off around 250 employees at the time of their appraisal.
The company said that the softening of market conditions and the restructuring of the team have reduced the size of their team.
“With the softness in market conditions, in the year ahead, we are focusing on our efforts and aligning resources in areas that drive maximum value for our customers while addressing their key challenges around operational efficiencies, cost optimisation, and delivery experience’’, said, Kushal Nahata, cofounder and CEO, FarEye.
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Kushal also said that the company is strengthening core competencies, increasing 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 a part of our team. For a company like FarEye that has always kept its people at the core, and believes that our people are our strongest asset, it has been a difficult period. We had to make some hard decisions to reduce our team across operations and services’’, he added.
Founded in 2013 by Kushal Nahata, Gautam Kumar and Gaurav Srivastava, Its flagship logistics management software supports the entire supply chain from first-mile seller pick-up to last-mile delivery.
“Our priority right now is to take care of those who do have to part with us, and in addition to ensuring their rightful benefits and entitlements, we are proactively working to help them with job support via our outplacement services and our network. They are some of the best in business; I deeply value their remarkable talent and passion and believe that they will be a great addition to any organisation,” Kushal also said.
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In may 2021, FarEye had raised $100 million as part of its Series E funding round from Silicon Valley-based venture capital firm TCV and Dragoneer Investment Group.
The company claimed in December 2021 that the company registered a 180 per cent jump in revenue in 2020-21, and is growing at 100 per cent annual revenue rate.
FarEye’s Intelligent Delivery platform turns at-home deliveries into a competitive advantage. Retail, e-commerce and third-party logistics companies use FarEye’s unique combination of orchestration, real-time visibility, and branded customer experiences to simplify complex last mile delivery logistics. The FarEye platform allows businesses to increase consumer loyalty and satisfaction, reduce costs and improve operational efficiencies. FarEye has 150+ customers across 30 countries and five offices globally. FarEye, First Choice for Last Mile.