Freshworks undertakes fresh round of layoffs

Synopsis Concerns over margin and recessionary pressures and increasing interest rates in the US have led to a rout in technology stocks. ETtech Nasdaq-listed software firm Freshworks has undertaken a fresh job cut in a bid to improve operational and organisational efficiencies. In an emailed statement to ET, the company said a small portion of its employees were affected, but it did not specify the actual number.

“We continue to review organisational efficiencies to avoid duplicated effort and maintain a strong performance culture. As a result, a small number of individuals are impacted and are leaving the company,” a spokesperson said. Freshworks has not conducted organisation-wide layoffs and continues to hire for open positions, the spokesperson said in the statement.

The San Mateo, California-headquartered company that provides software as a service (SaaS) employs more than 5,000 people across its global offices. It had laid off 90 employees globally in December 2022. About 60 of them were part of its India team.

Concerns over margin and recessionary pressures and increasing interest rates in the US have led to a rout in technology stocks. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories SaaS companies have been facing the brunt of this slowdown, with others such as Chargebee, Fareye and Icertis also undertaking layoffs in the past. Last week, Freshworks said its cofounder and chief technology officer (CTO) Shanmugam Krishnasamy quit the company in September.

Krishnasamy, who quit after 11 years with the firm, handed his responsibilities to chief product officer (CPO) Prakash Ramamurthy who leads both product and engineering teams, a company spokesperson had told ET. Separately, the company announced the addition of three new senior vice presidents to its go-to-market (GTM) leadership team. The new set of go-to-market leaders hired include senior vice president (SVP) of GTM Strategy and Operations Shafiq Amarsi, SVP of Customer Experience Murali Krishnan, and SVP of Global Channels and Alliances Doug Farber.

Last month, the company reported a wider loss from operations for the quarter ended December 31 at $60. 6 million , compared with $56. 4 million a year earlier.

Revenue rose 26% to $133. 5 million. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.

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