Airmeet: IT company Airmeet lays off 30% of workforce; reasons that CEO’s email to employees gives for job cuts – Times of India
Homegrown virtual events platform Airmeet has reportedly laid off nearly about 30 per cent of its workforce. The job cuts are across various departments. According to the Inc42 website, the layoffs impacted sales, marketing, tech and operations departments at the Bengaluru-based startup. The job cuts are spread across the company’s operations in India, the US and Europe. Backed by Sequoia Capital, the platform recently raised $35 million in its Series B funding round from Prosus Ventures, Sistema Asia Fund.
Airmeet is an online meeting and event hosting platform, where instead of simply broadcasting the event, participants can connect with other event attendees for online interactions.
Airmeet CEO writes email to employees
Airmeet CEO Lalit Mangal said in an internal email that lower marketing budgets and rapid commoditization of the virtual event category led to the decision. “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,” Mangal wrote in the email. “Airmeet has become a lean and nimble company again to build the new future of digital engagement for communities and companies,” he added.
Severance pay to laid off employees
The platform has reportedly offered two months’ salary as severance pay for employees in India and accelerated the vesting of all ESOPs options until June 30 for those impacted, according to reports.
Airmeet is an online meeting and event hosting platform, where instead of simply broadcasting the event, participants can connect with other event attendees for online interactions.
Airmeet CEO writes email to employees
Airmeet CEO Lalit Mangal said in an internal email that lower marketing budgets and rapid commoditization of the virtual event category led to the decision. “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,” Mangal wrote in the email. “Airmeet has become a lean and nimble company again to build the new future of digital engagement for communities and companies,” he added.
Severance pay to laid off employees
The platform has reportedly offered two months’ salary as severance pay for employees in India and accelerated the vesting of all ESOPs options until June 30 for those impacted, according to reports.
It will also extend health insurance coverage for these employees until August 18. For affected employees in the US, Airmeet will offer severance pay in compliance with local regulations.
The year 2023 has been one of the worst years for IT professionals globally. The industry has already seen almost 2 lakh job cuts. The numbers run into thousands at almost all big technology giants including Google, Microsoft, Amazon, Facebook, IBM, HP, Dell and others.
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