Hubilo fires 35% of workforce
- ByStartupStory | January 20, 2023
Virtual events platform Hubilo Technologies Inc. has reduced 35% of its employment, or approximately 115 individuals, across different divisions, claiming restructuring, joining the growing list of Indian firms that have been reducing their headcount to minimise costs.
“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.”
Vaibhav Jain, the founder and CEO of Hubilo, sent an internal email announcing the dismissals.
“CEO has sent a mail to everyone explaining the reasons for the layoff. Employees across several departments have been sacked,” an employee at Hubilo said.
Jain founded Hubilo at the beginning of 2020. The company first profited from the exploding demand for virtual events as real gatherings were greatly hampered by the regulations. It said that after the pandemic broke out, it multiplied by more than forty in a short period of time.
With features like gamified experiences for participant engagement and connectivity with Marketo and Salesforce to give organisers and sponsors useful information, it also serves as a system of record for online events.
In its Series B investment round, which was headed by Alkeon Capital and included participation from current investors Lightspeed Venture Partners and Balderton Capital, the Ahmedabad- and Delaware-based firm raised $125 million in October 2021. In February 2021, it raised $23.5 million in a round headed by Lightspeed Venture Partners and Balderton Capital. Since its founding, the startup has raised a total of $153 million.
Hubilo will continue to make investments in physical events as on-the-ground interactions pick up with the pandemic’s abating. “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 this new decision, Hubilo joins the plethora of technology firms that have given staff pink slips in an effort to save costs. Thousands of workers have been let go by startups across all industries, with more than 1,500 people losing their jobs in the first few weeks of 2023.
Quick commerce platform and ShareChat parent company Mohalla Tech Pvt Ltd Harappa Education, owned by UpGrad, Dunzo, Lead School, and a startup cloud kitchen the mobility startup Rebel Foods Maker of electric two-wheelers Ola bounce, beginnings of voice automation Industrial goods marketplace Skit.ai Moglix and UpScalio, a business modelled like Thrasio, are two businesses that have so far this year let go of staff members.
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