Hubilo Lays Off 35% Of Its Workforce: Report The report said that Hubilo will now be focusing more on physical events to align with the market changes
By Teena Jose
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Hubilo, a virtual conference and event management startup, has also joined the large number of corporate firms who has been following the layoff trend for the past few months. The startup has today laid off nearly 35 per cent of its workforce or around 115 employees across operations as the firm is undergoing restructuring, according to a Moneycontrol report.
"The company had to take this difficult decision as we are completely restructuring due to the global macroeconomic pressures. Around 115 employees are affected in this. Also, the laid-off employees were paid severance packages and other placement support to ensure that they find new jobs," stated the report, citing a member of the company management.
The spokesperson quoted in the news report said that Hubilo will now be focussing more on physical events to align with the market changes. The firm has reportedly hired aggressively in 2020 and 2021 as the demand for virtual events skyrocketed during the pandemic.
During the post-pandemic, another video communications platform, Zoom, had reportedly witnessed a revenue growth-rate fall to around 35% in 2021, right after the pandemic first wave. The company has also lowered its 2023 revenue growth guidance, as per the report.
The report further stated that Hubilo had around 330 employees before the new round of layoffs.
Founded in 2020 by Mayank Agarwal and Vaibhav Jain, Hubilo is an all-in-one virtual and hybrid event platform offering an engaging and interactive event experience. It helps event planners and organizations across the world reimagine the future of events and navigate the ever-changing event landscape. According to a website, the company is funded by 22 investors. Haystack and Alkeon Capit are the most recent investors.
Hubilo claimed to have raised a total of $153 million in funding over five rounds. Their latest funding was raised on Oct 12, 2021 from a Series B round led by Alkeon Capital with participation from Lightspeed Venture Partners and Balderton Capital.
