FarEye

Microsoft-backed SaaS logistics startup FarEye has laid off 90 employees this week in its second round of job cuts within eight months, citing macroeconomic headwinds and the need to align its business strategy with market demand. The layoffs impacted various departments including tech, product, and sales across its global offices. This follows a previous round in June last year that affected around 250 employees. Despite a 53% increase in operational revenue to INR 97.6 Cr in FY22, the company's net loss widened significantly to INR 232.5 Cr. FarEye, which provides last-mile delivery automation software to clients like Domino's and Tata Steel, continues to focus on product innovation while offering severance packages to those impacted.

New Delhi-based SaaS logistics startup FarEye has laid off approximately 250 employees this week, impacting staff across its global offices in India, North America, and Europe. The layoffs, which affected around one-third of its workforce of over 750, were attributed to organizational restructuring amid softening market conditions. Employees from various departments, including product, engineering, sales, and talent acquisition, were informed individually and asked to leave promptly, though the company committed to providing two months' salary as severance. This move comes nearly a year after FarEye raised $100 million in a Series E funding round, reflecting broader challenges in the startup ecosystem where Indian companies have seen significant workforce reductions in 2022.