CosmicTaco

Prosus-Backed Airmeet Fires 80% of Tech Team in Major Restructuring

CosmicTaco · 2024-09-05T11:08:34.705179+05:30

- Airmeet has laid off around 80% of its tech team in its third restructuring in 16 months. - The layoffs also impacted employees from the product and design teams, totaling around 30 employees or 20% of the workforce. - The restructuring is part of a cost-cutting measure as the startup struggles to increase revenue post-pandemic. - Airmeet is shifting focus to a new AI-powered product, moving away from its event management platform. - The impacted employees will receive severance packages based on their notice periods. Source: [Inc42](https://inc42.com/buzz/airmeet-undertakes-another-restructuring-exercise-fires-80-tech-team/)

Airmeet has laid off around 80% of its tech team in its third restructuring in 16 months.
The layoffs also impacted employees from the product and design teams, totaling around 30 employees or 20% of the workforce.
The restructuring is part of a cost-cutting measure as the startup struggles to increase revenue post-pandemic.
Airmeet is shifting focus to a new AI-powered product, moving away from its event management platform.
The impacted employees will receive severance packages based on their notice periods.

Source: Inc42