Logistics Management Startup FarEye Lays off 250 Employees

Logistics

End-to-end global delivery management platform FarEye has laid off around 250 employees amid the funding winter that has engulfed the startup ecosystem.

The company has asked some of its employees to leave due to ‘strategic restructuring’ to focus on areas with maximum value.

In a statement to VCCircle, Kushal Nahata, CEO and Co-Founder of FarEye, said that the platform had to “make some difficult decisions to reduce its team in operations and services.”

“We are strengthening our core competencies, increasing our focus on product differentiation and automation, and optimizing the effort required to manage operations,” Nahata said.

Fari is a global SaaS platform provider that is transforming last-mile logistics. It was founded in 2013 by Nahata, Gautam Kumar and Gaurav Srivastava.

In May last year, it raised $100 million in its Series-E funding round led by TCV and Dragoneer Investment Group.

“The funding for the delivery and logistics sector is timely as we see consumers spend $861 billion online with US retailers in 2020, up 44 percent from $598 billion in 2019,” Nahata said.

Many startups and unicorns have laid off sections of their workforce, battling global macro-economic factors.

As VC money vanished amid the economic slowdown, over 10,000 employees have lost jobs at Indian startups led by edtech platforms such as Unacademy, Byju’s, Vedanta and others.

Many big investment firms like Sequoia Capital, Lightspeed Venture Partners, Craft Ventures and Y Combinator etc. have sent out memos and footnotes to their portfolio companies and startups to tighten their belts.

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