San Mateo, November 7: Freshworks, an Indian software company based in California, will reportedly lay off around 660 employees. The cloud-based SaaS (Software as a service) provider will reduce its workforce to streamline its operations. Currently, the company has around 5,000 employees, of which it would cut 13% of its workforce.

Freshworks CEO Dennis Woodside announced the layoffs in a letter to the company's staff. He said the layoffs would affect the global workforce, including countries like the United States, India and others. According to multiple reports, the layoffs were announced when the company's director approved a USD 400 million share buyback program but did not announce the timeline for it. iRobot Layoffs: US-Based Robotics Company Cuts 16% of Its Workforce in Latest Round Amid Restructuring, Total 50% This Year.

Freshworks CEO Dennis Woodside explained that the company was committed to a restructuring plan for November 2024. He said that Freshworks, with the help of this plan, would align its strategic priorities and improve its operational efficiency. The result of this plan would be a reduction of 13% in the headcount and incur the company around USD 11-13 million in charges in Q4 2024.

Woodside said in a letter to the employees that the layoffs at Freshworks would consist of costs such as cash expenditures as payment for separation, employee benefits, and other related expenses. Freshworks also published the letter in a regulatory filing with the US SEC (Securities and Exchange Commission). Since 2022, Freshworks has implemented several rounds of layoffs affecting its employees. Mozilla Layoffs: Tech Company’s Non-Profit Arm The Mozilla Foundation Laying Off 30% of Its Staff Amid Going Through ‘Relentless Onslaught of Changes’.

Two years ago, the tech company laid off 2% of its workforce, about 90 employees, out of which 60 were Indians. In 2023, the SaaS provider started focusing on increasing its operational and organisational efficiency, reducing the number of people in a series of layoffs. Dennis Woodside said he became CEO five months ago to focus on the company's strategy and business, resulting in three strategic points. It included AI, employee experience business and customer experience business. In the letter, he said that these imperatives gave a clear view of what the company had to focus on, like simplifying work and operating efficiently.

(The above story first appeared on LatestLY on Nov 07, 2024 12:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).