Logistics startup FarEye has laid off 90 employees in its second job cut in 8 months. The news was confirmed by the company, who said the layoffs were part of their cost-cutting efforts to reduce expenses and improve profitability.
FarEye is a Delhi-based startup that provides technology solutions to logistics companies. The company provides solutions like tracking and routing of shipments, route optimization, predictive analytics, and other digital logistics solutions. It was founded in 2013 and has a presence in India, Southeast Asia, and the Middle East.
The company had already laid off 70 employees in December of 2020, and the latest round of layoffs brings the total number of job cuts to 160. FarEye said that the layoffs were a necessary step to ensure that the company has the right cost structure in place to move forward.
The company said that the layoffs were part of their long-term strategy for growth and profitability. They said that the job cuts will allow them to focus on the areas that are most important for their growth, such as product development and innovation.
FarEye also said that they will continue to support the 90 employees who were laid off. They said that they will provide them with financial support and job search assistance.
The layoffs come at a time when the logistics industry is facing an uncertain future due to the pandemic. Many companies have had to cut costs and lay off employees in order to survive. This is especially true for startups which are still trying to find their footing in the industry.
FarEye has been able to remain profitable despite the pandemic, and the company is optimistic about the future. They said that they are focusing on the areas that will drive their long-term growth and that they are confident they can continue to grow and succeed despite the challenging times.
The layoffs at FarEye are a reminder that the logistics industry is still facing difficult times. The company is taking the right steps to ensure their long-term success, but the future of the industry remains uncertain. Only time will tell what the future holds for this industry for companies like FarEye. In the meantime, FarEye is continuing to focus on the areas that will drive their long-term growth and success. They are confident that they can continue to succeed despite the challenging times, and they hope that their layoffs will help them achieve their long-term goals.