Software as a service (SaaS) logistics company, FarEye has to let go an estimated 250 employees due to economic downturns.
According to The Economic Times, FarEye said the decision was to restructure the team and the company will focus on areas that provide "maximum value" for its users.
Key Highlights
- The company will also address their key challenges around operational efficiencies, cost optimization, and delivery experience as mentioned in a statement by chief executive officer of FarEye, Kushal Nahata.
- Nahata also said that with the restructure, the India-based firm is strengthening its core competencies and focusing on automation, optimisation, and product differentiation.
- FarEye has always believed that its employees are their strongest asset but it has been a difficult period and certain tough decisions have to be made, Nahata added.
FarEye's History
- The company was founded by Kushal Nahata, Gaurav Srivastava and Gautam Kumar in 2013.
- FarEye offers logistics and supply chain management services by assisting companies to orchestrate, track and optimise their logistics operations.
- It currently serves over 150 clients in more than 30 countries via its offices in India, Singapore, the UAE, the US, and the UK.
- In 2021, the logistics provider raised US$100 million in a Series E funding round led by TCV and Dragoneer Investment Group.
