New Delhi: Airmeet, the homegrown virtual events platform, recently made the decision to lay off approximately 75 employees, which accounts for around 30 percent of its workforce across various departments. The company terminated employees from sales, marketing, tech, and operations departments located in India, the United States, and Europe.
Lalit Mangal, CEO of Airmeet, cited reduced marketing budgets and the rapid commoditization of the virtual event category as the primary reasons behind this difficult choice. Despite recently securing $35 million in Series B funding from Prosus Ventures and Sistema Asia Fund, the company had to take this step to maintain a healthy financial state.
In an internal email, Mangal stated, “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.” However, he also emphasized that this move would enable Airmeet to become a lean and nimble organization dedicated to shaping the future of digital engagement for communities and companies.
Airmeet has provided two months’ salary as severance pay for those in India to support the affected employees. Additionally, the vesting of all ESOPs options for impacted employees will be accelerated until June 30. Reports indicate that health insurance coverage for these employees will also be extended until August 18. For affected employees in the United States, Airmeet will comply with local regulations by offering appropriate severance pay.
Airmeet distinguishes itself as an online meeting and event hosting platform that goes beyond simple event broadcasting. Participants can connect with other attendees, fostering meaningful online interactions. The company aims to reshape the landscape of virtual events and remains committed to achieving this vision despite the current challenges it faces.
Overall, Airmeet’s recent decision to downsize its workforce reflects the company’s response to market dynamics and the need to ensure its financial stability. While it is a difficult phase, the company is determined to forge ahead and deliver innovative digital engagement solutions for communities and businesses alike.
