India’s 1st unicorn Inmobi lays off about 70 employees
- ByStartupStory | January 23, 2023
Inmobi, India’s first unicorn, has laid off 50 to 70 employees this month. The unicorn had taken this step citing poor performance. The Free Press Journal reported citing a source who was privy to the development.
Employees from both Inmobi and its subsidiary, Glance, which provides lock-screen-based content services, have been laid off. In a response to the newspaper, SoftBank stated that it evaluates employee performance annually and bases decisions on it. The company also stated that this is standard procedure and is part of their annual process.
This comes after Inmobi reportedly informed its employees that the company will forego the increment cycle in 2023.
Inmobi became a unicorn in 2011, while Glance became a unicorn in 2020, following a $145 million investment from investment firm Mithril Capital and Google. Glance was first introduced in Japan last year, and the company plans to launch it in the United States within the next month.
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