Inmobi, the Bengaluru-based marketing giant, recently made headlines after laying off around 50 of its employees. This move, which was announced on 23rd January 2023, is believed to have been taken on the basis of performance. According to reports, the layoffs affected between 50 and 70 employees.
Inmobi is a technology company that specializes in providing mobile advertising solutions. Founded in 2007, the company has grown to become a major player in the digital advertising space, with a presence in over 20 countries. Inmobi is backed by SoftBank, a Japanese multinational conglomerate that is one of the largest technology investors in the world.
Over the years, Inmobi has raised around $320 million in funding from a number of high-profile investors, including SoftBank, Kleiner Perkins, and Sherpalo Ventures, among others. The company has also made a number of strategic acquisitions, including the purchase of Sprout, a mobile-first programmatic advertising platform, in 2016.
Despite its success, Inmobi has not been immune to the challenges faced by the digital advertising industry in recent years. The industry has been hit by a number of high-profile scandals, including the Cambridge Analytica scandal, which saw Facebook accused of sharing user data with third-party companies. In addition, concerns around data privacy and ad fraud have also plagued the industry, leading to increased scrutiny.
The layoffs at Inmobi are believed to have been part of a wider restructuring effort within the company, which has been grappling with the impact of the pandemic on its business. In a statement, the company acknowledged the challenges faced by the industry, but emphasized its commitment to the long-term growth of the company.
“We believe that these layoffs are necessary to ensure that we are well-positioned to navigate the challenges facing the digital advertising industry. We remain committed to our mission of building the world’s best mobile advertising platform, and we are confident that these measures will enable us to do so.”
The move has been met with mixed reactions, with some employees expressing disappointment over the layoffs. However, others have praised Inmobi for its transparency and commitment to the long-term growth of the company.
Overall, the layoffs at Inmobi serve as a reminder of the challenges faced by the digital advertising industry in the current climate. While the industry has seen significant growth in recent years, it is also grappling with a number of challenges that are impacting its long-term viability. As such, companies like Inmobi will need to remain agile and adaptable in order to navigate these challenges and emerge stronger on the other side.