FarEye, the Software-as-a-service (SaaS) provider has laid off around 250 employees at the time of their appraisal, according to media reports.
FarEye CEO and Co-founder Kushal Nahata said, “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.”
“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,” Kushal added.
He further said, “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.”
The layoffs have impacted employees at its India, North America, and Europe offices. The startup has laid off employees from product & engineering, professional services, talent acquisition, quality analysts, sales, and developers among others.
FarEye has decided in the restructuring of the team led to a reduction in team size and softness in market conditions. Also, the company is strengthening core competencies, deepening its focus on product differentiation and automation, and optimizing the effort required to manage operations.
Most of the startups have laid off employees who had raised significant funding last year. There have been nearly more than 8000 employees that have been laid off potentially in a bid to conserve capital in a difficult funding environment.
In the past few months, Rupeek laid off 200 employees due to cost cuts. Learning platform Udayy shut down its operations and laid off its entire staff comprising up to 100 employees. Digital health platform Mfine laid off over 50% of its staff due to a lack of funds to pay salaries.
Cars24 asked 600 employees to leave and ed-tech startup Vedantu laid off 424 employees. Lido Learning asked 1,200 of its employees to resign. Meesho laid off 150 employees followed by many more.
