FarEye

Financing will help Elev8 identify investment opportunities in Indian technology companies

Software-as-a-service provider FarEye has laid off around 250 employees at the time of their appraisal, according to industry sources. When contacted, FarEye said softness in market conditions and restructuring of the team led to reduction in team size. With the softness in market conditions, in the year ahead, we are focusing on our efforts and aligning resources in areas that drive maximum value for our customers while addressing their key challenges around operational efficiencies, cost optimization, and delivery experience," FarEye CEO and co-founder Kushal Nahata said in a statement. He said the company is strengthening core competencies, deepening focus on product differentiation and automation, and optimizing the effort required to manage operations. "This strategic realignment has resulted in the need to restructure a part of our team. For a company like FarEye that has always kept its people at the core, and believes that our people are our strongest asset, it has been a .

The firm caters to a multibillion-dollar delivery management market that continues to show double-digit year-on-year growth

FarEye is a software logistics firm

The platform enables enterprises to orchestrate, track, and optimize their logistics operations

Funds raised would support company's growth and will be used for business expansion to other territories