The layoff saga continues to haunt tech employees in 2023. This time, InMobi, India’s first unicorn, joined the bandwagon as it fired 50 to 70 workers, citing performance reasons. According to Business Standard report, the impacted employees belonged to InMobi and its content provider, Glance.
Prior to the layoffs, the Bengaluru-based start-up told its employees that it would skip increments and restrict the hiring process for this calendar year (CY) 2023.
“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,” the company wrote in an email to Business Standard, answering its queries about the layoffs and increments.
InMobi stepped into the unicorn club in 2011. Glance, the company’s lock-screen-based content provider, bagged an investment of $145 million from tech Google and Mithril Capital and entered the unicorn club in 2020.
In July 2022, InMobi raised $200 million in a Series D funding round led by Reliance Jio. This year, the firm had plans to launch the service of Glance in the markets of the United States.
Last year, the tech sector witnessed massive hardships. Nearly 20,000 workers lost their jobs. Till now, 2023 has not offered any difference. According to a Mint report, 11 companies fired more than 1400 employees in the first two weeks of this new year. Last week, Swiggy fired 380 workers as a part of their company restructuring process.