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Tuesday, July 5, 2022

Lay off: Employees of these startups were about to get a setback on the increment, 250 employees were laid off

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Layoff: 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.

<p style="text-align: justify;"In a statement to vCircle, Kushal Nahata, CEO and Co-Founder, FarEye said that the platform is "Some difficult decisions had to be made to reduce our team in operations and services." Nahata said, "We are strengthening our core competencies, focusing our attention on product differentiation and automation, and optimizing the effort required to manage operations."

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.

Nahta said, "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." Many startups and unicorns have laid off sections of their workforce in the face of global macro-economic factors.

employees of many startups lost jobs
As money disappeared in many companies amid the economic slowdown, more than 10,000 employees led edtech platforms like Unacademy, Byju’s, Vedanta and others I have lost job in Indian startup. On the other hand, many big investment firms like Sequoia Capital, Lightspeed Venture Partners, Craft Ventures and Y Combinator etc. have sent memos and footnotes to their portfolio companies and startups to tighten their belts.

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