FarEye Lays Off 250 Employees During Appraisal Period

According to industry sources, software service provider FarEye had fired about 250 employees at the time of the appraisal. When contacted, FarEye said the action was taken due to softening market conditions and team restructuring.

FarEye CEO and co-founder Kushal Nahata said the company is strengthening its core competencies, focusing on product differentiation and automation, and streamlining the work required for operational management.

The e-commerce focused on software as a service (SaaS) provider raised $100 million last year from a Series E funding round led by TCV and the Dragoneer Investment Group along with existing investors Eight Roads Ventures, Fundamentum, and Honeywell.

The founder of the company claimed in December that the company has recorded a 180% jump in revenue in 2020-21 and continues to rise at a 100% annual revenue rate. In September 2019, it was certified as a great workplace by the ‘Great Place to Work organization.’