Airmeet

Airmeet, a Prosus-backed virtual events platform, has laid off approximately 20% of its workforce this week, marking its second major restructuring within a year. This follows a previous round in May 2023, when the company let go of about 30% of its then 250-300 employees. The latest cuts impact various departments, with the tech team being the hardest hit. CEO Lalit Mangal stated the move shifts resource allocation from aggressive R&D investments toward go-to-market (GTM) strategies, aiming for financially healthy growth after achieving product maturity. Founded in 2019, Airmeet operates in the enterprise tech industry and has raised around $50 million in funding, serving clients like Ford and Unilever.

Prosus-backed virtual events platform Airmeet has laid off approximately 30% of its workforce, affecting at least 75 employees out of a total of 250-300 staff. The layoffs, which occurred earlier this week, impacted teams across sales, marketing, technology, and operations in India, the US, and Europe. CEO Lalit Mangal cited reduced marketing budgets and rapid commoditization in the virtual event industry as key reasons, stating that current execution was not yielding the needed financial outcomes. The Bengaluru-headquartered startup, which raised $35 million in Series B funding over a year ago, aims to extend its cash runway and improve operational efficiency amid a broader funding winter affecting Indian startups.