FarEye Layoffs
February 2023
FarEye announced a layoff affecting 90 employees in February 2023. The company operates in the Logistics sector.
90
Feb 3, 2023
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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.
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