Motive, Bay area-based fleet management company is undergoing a reduction in workforce by 6% of its overall headcount – laying off around 237 Employees.
The announcement was made by Shoaib Makani in a letter shared with the employees and in an official blog post.
This move comes as a surprise to its current employees since there had been no signs of a slowdown in terms of development and enhancements recently, as stated by one of the impacted employees on the anonymous professional network Blind.
The company grew its overall team by close to 150% in the last 3 years – growing from a team of 1,450 to 3,700 at a rapid pace, adding multiple products to its offerings.
“Coming out of Covid, the demand for physical goods and services skyrocketed, leading to an unprecedented surge in new business formation and expansion of existing firms operating in the physical economy. We grew our team from 1,450 to 3,700 people to ensure that we could serve our rapidly expanding customer base and pursue the breadth of opportunity ahead of us.
The result of that investment has been overwhelmingly positive. Our annual recurring revenue has grown more than 3X since the start of 2020. Our Commercial, Mid-Market and Enterprise segments are growing faster than ever. Our addressable market is expanding rapidly as we launch new products and enter new markets.”
The blog post also boasted about its forward-looking statements, talking about its optimistic future in the trucking industry that it has yet to cover.
“The opportunity ahead of us is vast, and we are very well-positioned to capture it. Our mission to unlock the potential of the physical economy remains our north star, and our strategy to realize it is largely unchanged.”