India’s first unicorn – Inmobi has cut 50-70 employees due to performance measures

Startup Inmobi will lay off 50-70 employees in early 2023, citing performance metrics. The laid-off employees are from InMoby and its second venture Glance, which provides a screen-based content service, Business Standard reported.

Inmobi is reported to “evaluate the performance of existing talent annually and make decisions based on it.” This is “business as usual for us and part of our annual process,” the company added in the report.

The layoffs of 50-70 employees, according to the report, come after Inmobi announced to employees that it will skip its pay cycle for calendar year 2023. The Softbank-backed company has a total headcount of about 2,600. He also said he would hire new talent only when necessary, a Financial Express report said last month.

Inmobi was founded in 2010. She became India’s first unicorn in 2011, while Glance got the tag in 2020 after securing $145 million from tech giant Google and investment firm Mithril Capital.

Especially the Indian startups in 2010. Around 20,000 employees will be laid off by 2022 as the startup ecosystem faces a longer funding winter.

The cutbacks continued earlier this year, with taxi aggregator Ola announcing on January 13 that it would lay off around 200 workers in a new restructuring exercise.

Following this, Swiggy, the food delivery aggregator, said it would cut around 380 jobs on January 20. “As part of a restructuring exercise, we are implementing a very difficult decision to reduce the size of our team. In the process, we will be laying off 380 talented Swegsters,” the company said.

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