After a stream of layoffs and restructuring in food-tech startups, the advertising sector too seems to have been hit by the fever.
Ad Network startup AdMagnet has reportedly suspended operations since Oct 30th, multiple sources have told to MediaNama.
When asked about the suspended operations, Ketan Patange, Deputy Controller of Finance declined to comment about the development.
While, Co-Founder Ratish Nair said that he left AdMagnet, “suffering from serious health issues” in June this year. Executives listed in the company’s board too seems to have quit the company.
Vizury lays off 50 Employees, Moves Business To Data Management
The online advertising company, Vizury has also reportedly laid off 50 people in 3 cities, and pivoted its ad retargeting business into a data management platform, reports Medianama.
However sources revealed that the number was close to 110 and that the company is shutting down its Mumbai office.
Vizury secured $27 million from multiple seed rounds from investors like Intel Capital, Nokia Growth and Inventus Capital.