FarEye Lays Off 250 People

FarEye, an end-to-end global delivery management platform, has laid off nearly 250 employees amid the startup ecosystem's funding winter. Because of "strategic realignment" to focus on areas that drive maximum value, the company has asked some of its employees to leave.

FarEye CEO and Co-Founder Kushal Nahata told IANS that the platform "had to make some difficult decisions to reduce its team across operations and services."

"We are strengthening our core competencies, deepening our focus on product differentiation, and automation, and optimizing the effort required to manage operations," Nahata added.

FarEye was founded in 2013 by Nahata, Gautam Kumar, and Gaurav Srivastava as a global SaaS platform provider transforming last-mile logistics. It raised $100 million in a series-E funding round led by TCV and Dragoneer Investment Group in May of last year. Existing investors, including Eight Roads Ventures, Fundamentum, and Honeywell, also took part in the round.

"The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861 billion online with US retailers in 2020, up 44 percent from $598 billion in 2019," Nahata had said. Several startups and unicorns have laid off employees as they deal with global macroeconomic factors.