FarEye, the SaaS-based logistics startup, which had a 750-strong workforce, has let go 250 employees across its offices in India, North America and Europe as part of an organisational restructuring exercise.
The affected employees belong to the sales, talent acquisition, product and engineering, quality analysis, professional services and development teams.
The surprised employees, who were given the unfortunate layoff news just when they were awaiting appraisals, were informed personally by their managers of this difficult decision.
Inc42 reports that FarEye has promised to pay the affected employees two months’ salary, depending on their serving the notice period.
It was only in January, 2022 that the New Delhi-based SaaS platform provider had announced liquidation for Employee Stock Ownership Plan (ESOP) holders. It had announced an ESOPs buyback worth $1.22 million. This was the Company’s second and largest buyback. At the time, it had revealed its intention to use its cash reserves for this buyback exercise.
Kushal Nahata, CEO, FarEye, had, at the time had admitted that it was the Company way “showing our gratitude and in turn, making our employees become partners in our success. We are dedicated to cultivating the same healthy, supportive environment as we plan to expand our team further in 2022.”
Its first round of ESOPs buyback had happened in January, 2021, when the logistics management platform (operating as a software providing service), had announced the distribution of $739, 000 to liquidate ESOP choices for its workforce.