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End-to-end <keyword id="14180048" type="General" weightage="20" keywordseo="global-delivery-management-platform" source="Orion">global delivery management platform</keyword> <keyword id="3966270" type="General" weightage="100" keywordseo="fareye" source="Orion">FarEye</keyword> has laid off nearly 250 <keyword id="6357081" type="General" weightage="20" keywordseo="employees" source="Orion">employees</keyword> amid the funding winter that has engulfed the startup ecosystem. The company has asked some of its workforce to leave because of "strategic realignment" to focus on areas that drive maximum value. In a statement to IANS, <keyword id="357637" type="General" weightage="50" keywordseo="kushal-nahata" source="Orion">Kushal Nahata</keyword>, CEO and Co-founder, FarEye, said the platform "had to make some hard decisions to reduce its team across operations and services". "We are strengthening our core competencies, deepening our focus on product differentiation, and automation, and optimizing the effort required to manage operations," Nahata added. FarEye, a global SaaS platform provider transforming last-mile logistics, was established in 2013 by Nahata, Gautam Kumar and Gaurav Srivastava. In May last year, it raised $100 million in its series-E funding round led by TCV and Dragoneer Investment Group. Existing investors -- Eight Roads Ventures, Fundamentum and Honeywell -- also participated in the round. "The funding is very timely for the delivery and logistics sector as we have seen consumers spending $861 billion online with US retailers in 2020, up 44 per cent from $598 billion in 2019," Nahata had said. Several startups and unicorns have laid off sections of their workforce as they grapple with global macro-economic factors. As VC money disappears amid economic slowdown, more than 10,000 employees have lost jobs at the Indian startups led by edtech platforms like Unacademy, BYJU's, Vedanta and others. Several large investment firms like <keyword id="122716" type="General" weightage="50" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword>, Lightspeed Venture Partners, Craft Ventures, and Y Combinator etc have sent memos and footnotes to their portfolio companies and startups on tightening their belts. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/india/news/tn-undertakes-a-mega-vaccination-drive-to-innoculate-13-8-lakh-people/articleshow/92170531.cms">TN undertakes a mega vaccination drive to innoculate 13.8 lakh people</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-how-upcycling-food-waste-or-surplus-to-animal-feed-can-bring-down-the-carbon-footprint-of-the-food-sector/articleshow/92156859.cms">OPINION: How upcycling food waste or surplus to animal feed can bring down the carbon footprint of the food sector</a>

Layoff season continues as logistics mgmt startup FarEye lays off 250 people

New Delhi, End-to-end global delivery management platform FarEye has laid off 90 employees, which is its second layoffs in about eight months amid the economic meltdown. According to a report in leading startup portal Inc42, the latest job cuts affected employees across departments, including tech, product, HRBP and sales. "The reduction in staff was necessary to align business strategy with market demand," said FarEye CEO Kushal Nahata, citing macroeconomic conditions for the fresh round of layoffs. In June last year, FarEye laid off nearly 250 employees amid the funding winter that engulfed the startup ecosystem. The company asked some of its workforce to leave because of 'strategic realignment' to focus on areas that drive maximum value. Nahata had said then that the platform "had to make some hard decisions to reduce its team across operations and services". "We are strengthening our core competencies, deepening our focus on product differentiation, and automation, and optimising the effort required to manage operations," Nahata added. FarEye, a global SaaS platform provider transforming last-mile logistics, was established in 2013 by Nahata, Gautam Kumar and Gaurav Srivastava. In May 2021, it raised $100 million in its series-E funding round led by TCV and Dragoneer Investment Group. In India, more than 21,000 tech employees have lost jobs in the deepening funding winter.

Logistics startup FarEye lays off 90 employees, 2nd job cut in 8 months

<ul><li><keyword id="10135370" type="General" weightage="100" keywordseo="elevation-capital" source="Orion">Elevation Capital</keyword>, Jungle Ventures, <keyword id="4346570" type="General" weightage="80" keywordseo="venture-highway" source="Orion">Venture Highway</keyword>, and over 25 angel investors, advisors, founders, and CXOs of marquee technology companies have participated in this round. </li><li><keyword id="6593858" type="General" weightage="80" keywordseo="drivetrain" source="Orion">Drivetrain</keyword> will use the funds to accelerate product development and expand its go-to-market team. </li><li>The company was founded in 2021 by <keyword id="236003" type="General" weightage="80" keywordseo="alok-goel" source="Orion">Alok Goel</keyword>, Tarkeshwar Thakur and <keyword id="15297285" type="General" weightage="80" keywordseo="saurav-bhagat" source="Orion">Saurav Bhagat</keyword>.</li></ul>Drivetrain AI Incorporated, a financial modelling platform on Wednesday said it raised $15 million in a fresh funding round. Apart from Elevation Capital, Jungle Ventures, and Venture Highway, over 25 angel investors, advisors, founders, and CXOs of marquee technology companies have participated in this round. Investors Akshay Kothari from software Notion; Khadim Batti and Amit Sharma of SaaS platform Whatfix; Krish Subramanian and Karthik Srinivasan from revenue management company Chargebee; Kushal Nahata of delivery platform FarEye and Niranjan Sivan from software firm Freshworks also participated in the round. The startup that helps businesses scale and achieve their targets predictably, was founded in 2021 by Alok <keyword id="6394938" type="General" weightage="80" keywordseo="goel" source="Orion">Goel</keyword>, Tarkeshwar Thakur and Saurav Bhagat. “Drivetrain is like Google Maps for business growth. It helps build plans, informs you whether you’re on track, and simplifies course-correction. Many leaders manage their business plans and multimillion-dollar budgets on spreadsheets that are cumbersome and error-prone. Gauging your business health in real-time and applying course corrections is impossible on spreadsheets," said Goel, co-founder and CEO of Drivetrain. Drivetrain’s platform helps finance teams build integrated plans, budgets and forecasts, track their progress against targets, and identify bottlenecks to growth. The platform integrates with over 200 common business tools such as Salesforce, Netsuite, Quickbooks, Workday, and Looker. It will use the funds to accelerate product development and expand its go-to-market team, the company said. The platform also offers features like tracking real-time budget versus actuals, modelling what-if scenarios, and root cause analysis, to name a few. “Today, finance teams spend up to four weeks every quarter tracking key business metrics and generating reports for their stakeholders. You can’t make decisions on such stale data,” said Deepak Gaur, Partner at Elevation Capital. Elevation Capital has been investing in India since 2002 deploying almost $2 billion of capital in over 150 companies. “We have struggled to put together Excel sheets for portfolio companies to predict revenue growth, structure the go-to-market plan, and understand levers that would affect revenue and margin growth. Spreadsheets and existing tools fail to do this in real-time,” said Priya Mohan, Partner at Venture Highway. Venture Highway is an early-stage investment fund that partners with next-generation technology entrepreneurs building from India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indians-to-benefit-as-canada-aims-to-grant-citizenship-to-300000-people-in-2022-23/articleshow/94956352.cms">Indians to benefit as Canada aims to grant citizenship to 300,000 people in 2022-23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/heres-what-it-takes-to-make-a-trillion-dollar-company/articleshow/94940917.cms">Here’s what it takes to make a trillion-dollar company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/meet-new-bcci-president-roger-binny-former-indian-bowler-and-team-member-of-the-1983-world-cup-winning-team/slidelist/94939202.cms">Meet new BCCI president Roger Binny - Railway guard’s son and member of World Cup-winning team</a>

A startup that calls itself ‘Google Maps for business growth’ raises $15 million from Elevation Capital and others

<ul><li>The Microsoft-backed startup has announced the distribution of $739,000 (over ₹5 crore) to liquidate eligible ESOP options. </li><li>In this programme, which is a first for the company, eligible employees can liquidate 35% of their shares. </li><li>With the announcement, <keyword id="3966270" type="PERSON" weightage="20" keywordseo="FarEye">FarEye</keyword> joins the long list of <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> who have been doling out rewards in <keyword id="173739" type="PERSON" weightage="20" keywordseo="Esops">ESOPs</keyword> to employees.</li></ul>Indian logistics platform FarEye is the latest to dole out rewards for employees by announcing a liquidation programme for ESOPs (Employee Stock Option Programme). The Microsoft-backed startup has announced the distribution of $739,000 (over ₹5 crore) to liquidate eligible ESOP options. In this programme, which is a first for the company, eligible employees can liquidate 35% of their shares. “We announced this liquidation to make employees partners in our success and to ensure they are able to create wealth for themselves and their families. The team has been able to generate significant liquidity for themselves, which gives us immense happiness &amp; satisfaction. With this program, we will be able to reward our most important asset - our employees,” said Kushal Nahata, CEO, FarEye in a statement. With the announcement, FarEye joins the long list of startups who have been doling out rewards in terms of ESOPs to employees. Recent startups which rolled out ESOP buyback plans <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Swiggy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$7-9 million <a href="https://entrackr.com/2020/11/swiggy-to-reward-its-employees-with-esop-liquidity-program/">(reported value)</a> </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unacademy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Urban Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zerodha </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$8.7 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CRED </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.2 million </td></tr></tbody></table> During the lockdown months, FarEye saw a spike in usage, expanded internationally and most recently raised $13 million in funding, closing the round where it raised $24.5 million in April. FarEye saw a month-on-month 180% increase in usage during the lockdown months as it enabled B2B (business to business) and B2C (Business to consumer) last mile delivery. “The sector in which we operate is currently digitized to less than 10%, so there is a race for the rest 90%. We want to separate out in the play where the SAPs, Oracles operate. The last mile market is reported to be $55 billion by 2025, our aim is to be in the top 4 players in the market and for that you need just 5% of the market,” Amit Bagga, Chief Revenue Officer, FarEye told Business Insider in a<a href="https://www.businessinsider.in/business/startups/news/microsoft-backed-fareye-sees-a-trillion-dollars-in-wasted-costs-across-the-global-supply-chain/articleshow/77864135.cms"> recent interview.</a> The Microsoft-backed 11-year old startup offers predictive analysis in the logistics sectors – where it gives its clients visibility over demand and buying trends. It works across channels – from manufacturers to retailers. Some of FarEye’s current clients are DHL, Amway, Hilti, Walmart, Domino’s, and Zomato.

FarEye is the latest to buy back shares from employees —  to liquidate ESOPs worth over ₹5 crore

<ul><li>The startup raised $25 million in a round that was led by <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> with participation from Eight Roads Ventures and Honeywell Ventures.</li><li>Fareye, founded in 2013, is a predictive <keyword id="108235" type="ORGANIZATION" weightage="20" keywordseo="logistics">logistics</keyword> platform that enables enterprises to orchestrate, track, and optimize logistics operations. </li><li>The Noida-based company has seen a surge of activities during the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> lockdown. It is providing its solution FarEye SERVE, free of cost.</li></ul>Microsoft’s venture fund arm <keyword id="6740632" type="UNKNOWN" weightage="20" keywordseo="m12">M12</keyword> invested in Indian logistics SaaS startup Fareye. The startup raised $25 million in a round that was led by Microsoft with participation from Eight Roads Ventures and Honeywell Ventures. “From just-in-time logistics optimization to last-mile transportation notifications for end customers, supply chain visibility is a business imperative for organizations. FarEye stands out amongst other supply chain solutions for its orchestration and predictive intelligence capabilities, which equip enterprise customers to respond quickly and strategically in dynamic business environments,” said Abhi Kumar, M12 India Head. Fareye, founded in 2013, is a predictive logistics platform that enables enterprises to orchestrate, track, and optimize their logistics operations. The Noida-based company has seen a surge of activities during the coronavirus lockdown. It is providing its solution FarEye SERVE, free of cost, to enable enterprises with home deliveries of daily essential items - like groceries, food, medicines until June 30, 2020. It also enables deliveries to hospitals, along with food and medicine to NGOs. The delivery of supplies to frontline workers will be enabled till 30 September 2020. “We will use this investment to create greater value and improve the experience for our customers by enhancing the platform’s predictive capabilities, increasing platform partnerships, expanding into new markets and growing our teams in Europe, APAC &amp; US,” said Kushal Nahata, CEO, FarEye. See Also: <a href="https://www.businessinsider.in/careers/news/tcs-cognizant-capgemini-and-other-top-giants-who-are-not-letting-go-of-their-new-hires/articleshow/75136446.cms">TCS, Cognizant, Capgemini and other top giants who are not letting go of their new hires</a>

Microsoft invests in a Noida startup that has been enabling deliveries during lockdown

The festive season is starting from October and the e-Commerce companies are gearing up to woo the customers. The <a href="http://www.businessinsider.in/searchresult.cms?query=e-Commerce">e-Commerce industry</a> is expecting sales of Rs 25,600 crore ($4 billion) this year during <a href="http://www.businessinsider.in/searchresult.cms?query=Diwali">Diwali season</a>. 
 
As per the Hindu calendar, the festive season starts with <a href="http://www.businessinsider.in/7-Diverse-Dusshera-Celebrations-In-India/articleshow/43980552.cms">‘Navratri’</a> in the month of October. After October, there are a string of festivals and the festivities do not stop till December as the last month of the year is believed to be the most auspicious one for weddings. These festive months, as calculated by the <keyword id="3020651" type="UNKNOWN" weightage="20" keywordseo="Technopark-Advisors">Technopark Advisors</keyword>, are expected to account 40% of the total $10-billion annual sales the Indian e-Commerce industry is aiming to record this year. 
 
The growing sector reported a $7-billion sale in FY15 with 40% sales coming during the festive season. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal+">Snapdeal </a>senior vice-president, marketing, Idi Srinivas Murthy, said that the company saw a 15x increase in traffic during <keyword id="188" type="ENTERTAINMENT" weightage="20" keywordseo="Diwali">Diwali</keyword> last year and this year too they were intensifying all aspects of business operations, including logistics, supply-chain, financial and technological support. 
 
"We have launched faster last-mile delivery solutions and a refreshed user interface. We are also developing a host of solutions for our 1,50,000 sellers," Murthy said. 
 
Being the most lucrative period for the whole industry, the companies often compete with each other to gain maximum benefits. The two major grounds on which all the e-tailers focus are delivery performance and customer satisfaction. 
 
Mumbai-based furniture and home products seller <a href="http://www.businessinsider.in/searchresult.cms?query=Pepperfry">Pepperfry</a>, in a bid to make most of the festive season, has increased its merchant base, multiplied marketing outreach, has invested in doubling its logistics capabilities by expanding fulfillment centers, delivery and assembly capabilities as well as technology capabilities. 
 
The company’s chief marketing officer Kashyap Vadapalli said, "Our sales were up 200% (last Diwali) as we took necessary steps both at the logistics and supply end.” 
 
The coming festive months are crucial not just for the e-Commerce industry, but also for the companies providing logistics solutions. Logistics startup<a href="http://www.businessinsider.in/searchresult.cms?query=Delhivery+"> ‘Delhivery’</a> is expecting a significant surge in volumes, similar to last year. 
 "<keyword id="1560090" type="UNKNOWN" weightage="20" keywordseo="Delhivery">Delhivery</keyword> is continuously investing in technology, infrastructure and automation to ensure such surges are managed well during the festive season," said Mohit Tandon, co-founder, of the firm. However, with rising demand, these companies are bound to face innumerable challenges. 
 
"Since the logistics partners are common to almost all players, fulfilling the demands over a given period of time becomes a concern," said Praveen Sinha, managing director and founder of online fashion retailer Jabong. "It is not always easy due to the overwhelming response that we get during this time. It sometimes becomes challenging to have a constant stock of products," he added. 
 
In the past one year mobile and internet penetration has increased further indicating that this year online purchasing will grow multi-fold compared to Diwali 2014, Kushal Nahata, CEO and co-founder of enterprise mobility platform FarEye said. 
 
<a href="http://cdn.youthkiawaaz.com/wp-content/uploads/2014/10/26/bursting-crackers-just-one-day-year-harm-really-heres-much-needed-guilt-trip/Diwali-crackers.jpg">Image source</a>

You Searched For "kushal nahata" and got 6 results

Layoff season continues as logistics mgmt startup FarEye lays off 250 people

IANS

Logistics startup FarEye lays off 90 employees, 2nd job cut in 8 months

IANS

A startup that calls itself ‘Google Maps for business growth’ raises $15 million from Elevation Capital and others

Eetika Kapoor

FarEye is the latest to buy back shares from employees — to liquidate ESOPs worth over ₹5 crore

Sanchita Dash

Microsoft invests in a Noida startup that has been enabling deliveries during lockdown

Sanchita Dash

E-Commerce industry is ready to host the Diwali season. Are you?

BI India Bureau

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