Joining the growing list of Indian startups that have been trimming their headcount to cut costs, virtual events platform Hubilo Technologies Inc. has laid off 35% of its workforce or nearly 115 employees, across several divisions citing restructuring.
“Hubilo has made the difficult decision to restructure the company amid global macroeconomic conditions,” said a company spokesperson, adding that "the impacted employees are getting ‘generous’ severance packages as well as outplacement services for a smooth transition."
The firings were announced by Hubilo’s founder and chief executive officer Vaibhav Jain via an internal email.
"CEO has sent a mail to everyone explaining the reasons for the layoff. Employees across several departments have been sacked," an employee at Hubilo told VCCircle.
Hubilo was set up by Jain in early 2020. In the initial phase, the company cashed in on the burgeoning demand for virtual events as physical gatherings got severely hit by the restrictions. It claimed to grow more than forty times in a few months following the outbreak of the pandemic.
It also operates as a system of record for virtual events, with features such as gamified experiences for participant engagement and integration with Marketo and Salesforce to provide actionable insights to organizers and sponsors.
The Ahmedabad and Delaware-based company raised $125 million in its Series B funding round in October 2021 led by Alkeon Capital, along with participation from existing investors Lightspeed Venture Partners and Balderton Capital. It raised $23.5 million in its Series A round led by Lightspeed Venture Partners and Balderton Capital in February 2021. To date, the startup has raised $153 million since its inception.
Going forward, Hubilo will also invest in physical events as on-ground meetings resume with the receding pandemic. “Looking forward, we have very clear goals and a sound strategy in place for 2023. Hubilo aims to become the digital event hub for business companies globally while investing in physical events as well to ensure that we are covering the entire market spectrum,” the spokesperson said.
With the latest decision, Hubilo joins the slew of technology companies that have handed out pink slips to their employees to optimize their costs. Startups across sectors have sacked thousands of employees, with more than 1,500 individuals losing their jobs in the first few weeks of 2023.
ShareChat parent Mohalla Tech Pvt Ltd, quick commerce platform Dunzo, Lead School, UpGrad-owned Harappa Education, cloud kitchen startup Rebel Foods, mobility startup Ola, e-2wheeler maker Bounce, voice automation startup Skit.ai, industrial goods marketplace Moglix, and UpScalio, a Thrasio-style venture, are among the companies to have laid off their employees this year so far.
