Dragoneer backed FarEye lays off 250 staffs
- ByStartupStory | June 11, 2022
After raising significant external funding last year, RoboticWares Pvt. Ltd, which runs logistics management company FarEye, has become the latest venture capital-backed startup to lay off a portion of its workforce.
Kushal Nahata, FarEye’s chief executive officer and co-founder said that FarEye had to let go of employees due to a “strategic realignment” to focus its efforts and resources on areas that drive maximum value for its customers while addressing their key challenges around operational efficiencies, cost optimization, and delivery experience.
He also stated that the company is strengthening its core competencies, deepening its focus on product differentiation and automation, and optimising the effort required to manage operations.
Kushal Nahata, Gautam Kumar, and Gaurav Srivastava founded FarEye in 2013. From first-mile seller pick-ups to last-mile delivery, the company’s flagship logistics management software benefits the entire supply chain. Aside from that, technological solutions address sales force automation and field workforce management.
FarEye raised $100 million (Rs 728.4 crore) in a Series E funding round led by Silicon Valley-based venture capital firm TCV and San Francisco-based growth-oriented investment firm Dragoneer Investment Group in May of last year.
The company is ensuring that the affected employees receive their benefits and entitlements. Also the company is proactively working to help the impacted staff with job support via its outplacement services and its network.
Several startups across industries have recently asked employees to leave, possibly to conserve capital in a difficult funding environment.
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