IT service provider company FarEye lays off 250 employees at time of appraisal - sources

Software-as-a-service provider FarEye has laid off around 250 employees at the time of their appraisal, according to industry sources.

When contacted, FarEye said softness in market conditions and restructuring of the team led to reduction in team size.

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 optimization, and delivery experience," FarEye CEO and co-founder Kushal Nahata said in a statement.

He said the company is strengthening core competencies, deepening 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," Nahata said.

The company focuses on providing software solutions for e-commerce logistics.

"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 organization," Nahata added.

The e-commerce focussed software-as-a-service (SaaS) provider last year raised USD 100 million from series E funding round led by TCV and Dragoneer Investment Group. Existing investors Eight Roads Ventures, Fundamentum and Honeywell also participated in the round.

The FarEye founder had in December claimed that the company recorded 180 per cent jump in revenue in 2020-21 and it continues to grow at 100 per cent annual revenue rate.

In September 2019, it was certified as a great workplace by the 'Great Place to Work organization'.