Hubilo will now be focussing more on physical events as the pandemic-led lockdowns and restrictions are removed. The firm had around 330 employees before the layoffs. Hubilo, a virtual conference and event management startup, has laid off nearly 35 per cent of its workforce or around 115 employees across operations as the firm is undergoing ‘restructuring’, multiple sources told Moneycontrol.
“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,” a member of the management told Moneycontrol.
The laid-off employees were paid severance packages and other placement support to ensure that they find new jobs, the person quoted above said. The firm hired aggressively in 2020 and 2021 as the demand for virtual events skyrocketed during the pandemic.