Hubilo Technologies, a virtual events platform, has laid off 35 per cent of its workforce, or nearly 115 employees, citing restructuring, adding to the growing list of Indian startups that have been cutting headcount to cut costs. 

Jain founded Hubilo in early 2020. Initially, the company capitalised on the growing demand for virtual events as physical gatherings were severely hampered by the restrictions. It claimed to have grown more than forty times in the months following the pandemic's outbreak. 

It also serves as a system of record for virtual events, with features like gamified experiences for participant engagement and integration with Marketo and Salesforce to provide organisers and sponsors with actionable insights.

In October 2021, the Ahmedabad and Delaware-based company raised $125 million in Series B funding led by Alkeon Capital, with participation from existing investors Lightspeed Venture Partners and Balderton Capital. In February 2021, it raised $23.5 million in a Series A round led by Lightspeed Venture Partners and Balderton Capital. Since its inception, the startup has raised $153 million.

Hubilo has now joined the ranks of a slew of technology firms that have given employees pink slips in order to cut costs. Thousands of workers have been laid off by startups across industries, with over 1,500 people losing their jobs in the first few weeks of 2023. Mohalla Tech, the parent company of ShareChat, is a quick commerce platform.

Dunzo, UpGrad-owned Harappa Education, and cloud kitchen startup Rebel Foods, a startup in mobility Ola, an e-scooter manufacturer Bounce is a startup that specialises in voice automation. Skit.ai is a marketplace for industrial goods. Moglix and UpScalio, a Thrasio-style venture, are two companies that have laid off employees this year.