San Francisco-headquartered event management start-up Hubilo fired 35 per cent of its workforce (115-120 staff) as a part of its company restructuring process. Gaurav Jain, the CEO, announced the layoffs through an internal email sent to the employees.
Multiple sources reported that the company provided severance pay to the impacted employees.
“Hubilo has made the difficult decision to restructure the company amid global macroeconomic conditions. Approximately 35% of the company was laid off as a result. We have made our best effort to ensure that the impacted employees are supported with generous severance packages as well as outplacement services to give them a smooth transition. Looking forward, we have very clear goals and a sound strategy in place for 2023,” the company said in a written statement.
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Prior to this, Hubilo fired 45 employees or 12 per cent of its workforce, in 2022. Hence, this has been its second layoff in six months.
Founded in 2015 by Vaibhav Jain, Mayank Agarwal and John Peter, the company raised $150 million in funding from 2020 to 2021. Its first funding came as a seed investment round in 2020. Later the company bagged a $23.5 million investment from Balderton Capital and Lightspeed Venture. Its biggest fundraising round came in 2021 when the company raised $125 million from Alkeon Capital in a Series B funding round.
With this latest development, Hubilo joined a bunch of start-ups that recently trimmed their employee numbers. The new year started with the news of Harappa, an upGrad-owned company laying off 60 employees. Later more than half a dozen companies terminated their staff. On Friday, Swiggy laid off 350 employees.
