Airmeet, a homegrown virtual events platform based in Bengaluru, has made the decision to lay off approximately 75 employees, constituting around 30 per cent of its workforce across various departments.

Based on the data gathered and analysed by Inc42, the Bengaluru-based startup has carried out workforce reductions in India, the US, and Europe, specifically targeting employees in sales, marketing, technology, and operations departments.

Airmeet CEO Lalit Mangal conveyed in an internal email that the layoffs were driven by reduced marketing budgets and a significant commoditisation of the virtual event sector.

In a recent development, the platform successfully secured $35 million in its Series B funding round, with investments coming from Prosus Ventures and Sistema Asia Fund, which is backed by Sequoia Capital.

In his email, Mangal expressed, "With drastically reduced marketing budgets everywhere and rapid commoditisation of the virtual event category, our steadfast execution is not yielding the needed outcomes for retaining a healthy financial state.”

He said, “Airmeet has become a lean and nimble company again to build the new future of digital engagement for communities and companies.”

As per reports, the virtual meeting platform has provided two months' salary as severance pay to impacted employees in India. Additionally, the vesting of all ESOPs (Employee Stock Ownership Plans) options for these employees has been extended until June 30. 

The company has also ensured that health insurance coverage will be available for these employees until August 18. For affected employees in the United States, Airmeet will offer severance pay in accordance with local regulations.