Airmeet, a domestically developed virtual events platform, has recently downsized by approximately 30 per cent of its workforce. The company has terminated employees from sales, marketing, tech, and operations departments across India, the US, and Europe.
Airmeet is an online meeting and event hosting platform that allows participants to interact with each other during virtual events, rather than just passively watching.
Sequoia capital-backed Airmeet secured $35 million in its series B funding round from Prosus Ventures and Sistema Asia Fund, strengthening its financial position for future growth and development.
Lalit Mangal, CEO, Airmeet, expressed in an internal email that due to significantly reduced marketing budgets and the rapid commoditisation of the virtual event industry, their current execution strategies were not generating the desired outcomes to maintain a strong financial position.
Impacted employees will receive severance pay, ESOPs, and other related benefits.
According to reports, Airmeet has provided two months’ salary as severance pay to employees in India who were impacted by the layoffs. The vesting of all ESOP options for these employees has been accelerated, with the deadline set as June 30. Additionally, health insurance coverage for the affected employees will be extended until August 18.
For employees in the United States who have been impacted by the layoffs, Airmeet will offer severance pay in accordance with local regulations.
The funding slowdown in India has led to job losses for over 27,000 tech employees in startups, with the number continuously increasing. A total of 98 startups, including major edtech unicorns, have laid off approximately 26,868 employees, with 22 edtech startups accounting for 9,781 job cuts.