InMobi Layoffs: India’s First Unicorn To Let Go 50–70 Employees, Says Report

Mumbai, January 23: The tech layoffs saga continues, and the latest entrant in this bloodbath is India's first unicorn InMobi. Reportedly, the Bengaluru-based company has fired 50-70 employees. The laid-off employees are from the firm's content-providing vertical, as well as from its second business, Glance. The Softbank-backed company has a workforce of 2,600 employees in all.

"InMobi / Glance is in the market actively hiring talent for the ambitious plans that we have. We also evaluate the performance of our existing talent on an annual basis and make decisions based on it. This is business as usual for us and part of our annual process. This year is no different," reported Business Today, citing Inmobi's response to their email. Spotify Layoffs: Swedish Music Streaming Giant Likely to Fire Employees This Week Amid Global Economic Slowdown.

Before the eventual firing, Inmobi reportedly conveyed to its workforce that it will skip the increment cycle for the calendar year 2023. A last month's report had said that the tech firm had said it would recruit fresh talent only when necessitated. Tech Layoffs 2023: Techies Earning Up to $1 Million A Year Laid Off at Big Tech Firms Like Google, Microsoft and Amazon.

The firm specialises in mobile advertising technology. Its mobile-first platform allows brands, developers, and publishers to engage consumers through contextual mobile advertising. Inmobi made news after it became India's first unicorn in 2011. Its second business Glance attained the status in 2020 after it raised $145 million from tech giant Google and investment firm Mithril Capital.

(The above story first appeared on LatestLY on Jan 23, 2023 04:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).