India’s first unicorn startup, Inmobi, has sacked 50 to 70 employees this month, citing poor performance as the reason for the layoff, claimed a report citing a source who was privy to the development.
The employees who have been let go are from both Inmobi and its second business, Glance, which provides lock-screen-based content services. In a response to the newspaper, the SoftBank company said that it evaluates the performance of employees annually and then makes decisions based on it. The company also said this is usual and is part of their annual process.
This comes after Inmobi reportedly informed its staff that the company will be skipping the increment cycle for the calendar year of 2023. Inmobi became a unicorn in 2011, whereas its second business, Glance, achieved the unicorn tag in 2020 after investment firm Mithril Capital and Google invested $145 million. The company launched Glance in Japan last year and is also planning to launch it in the US in the next month.