FarEye, an end-to-end global delivery management platform, announced that it has laid off 250 employees. The hard decision comes amidst what the venture capitalists call a ‘funding winter’ as many companies observe drying up of VC money and additional investments. FarEye has raised $100 million in Series E funding led by TCV and Dragoneer group in May 2021.
Kushal Nahata, CEO and Co-founder, FarEye, told IANS that the platform "had to make some hard decisions to reduce its team across operations and services".
He also added that the company is strengthening its core competencies, deepening its focus on product differentiation, automation and optimizing the effort required to manage operations.
As per the company, it asked some of the staff to leave because of the ‘strategic realignment’. The platform was founded in 2013 by Kushal Nahata, Gautam Kumar and Gaurav Srivastava.
Several startups and unicorns are facing the chills of funding winter as they manage the global macro-economic factors, which has led to laying off sections of their workforce.
Investment firms like Sequoia Capital, Lightspeed Venture Partners, Craft Ventures, and Y Combinator etc have informed their portfolios startups to tighten up amid economic slowdown, where more than 10,000 employees have lost jobs at the Indian startups led by Unacademy, BYJU's, Vedanta and others.