InMobi, a startup that enables consumers to discover amazing products through mobile advertising has reportedly let go of close to 100 employees.InMobi, through Miip, a revolutionary discovery platform, developers, merchants & brands can engage mobile consumers globally. Recognized by MIT Technology Review as one of the 50 Most Disruptive Companies in the world, InMobi enables over 100 billion discovery sessions on mobile across a billion users every month, becoming the largest discovery platform in the world.
Layoffs have been on cards for various startups over last few months and InMobi looks like the latest one to be hit by this. Layoffs seem to be alarmingly rising in India’s startup ecosystem.
InMobi’s last raised funding came in 2011 when Japan’s Softbank pumped in nearly $200 Mn into the company. This is what made InMobi India’s first Unicorn (a company with $1 Bn valuation). Inmobi directly competes with global behemoths –Google and Facebook.With a loss of around $40 Mn, revenues of $262 Mn and cash reserves of $30 Mn, it will be hard for InMobi to survive a long run. But earlier this year, the company’s co-founder Naveen Tewari said that his startup is not up for sale and is aiming for an IPO.
The situation looks difficult for InMobi at the moment, however, it is only the days to come that will decide the future of the company.
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