Airmeet, a homegrown virtual events platform, has laid off about 75 employees about 30 per cent of its workforce across various departments. The startup has fired employees from sales, marketing, tech and operations departments in India, the US and Europe.
In an internal email, Airmeet CEO Lalit Mangal said lower marketing budgets and rapid commoditization of the virtual event category led to the decision,
Airmeet, which is backed by Sequoia Capital, recently raised $35 million in its Series B funding round from Prosus Ventures, Sistema Asia Fund.
Mangal in the email said, “With drastically reduced marketing budgets everywhere and rapid commoditization of the virtual event category, our steadfast execution is not yielding the needed outcomes for retaining a healthy financial state.”
He said, “Airmeet has become a lean and nimble company again to build the new future of digital engagement for communities and companies.”
According to reports, Airmeet has offered a two-month salary as severance pay for employees in India. It has also accelerated the vesting of all ESOPs options until June 30 for those impacted.
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