Unicorn startup Inmobi which employs 1000 people, is laying off almost 10% of its staff.
The Bangalore based mobile ad startup is failing to meet its target revenues and burning cash which may be the major reason for the layoffs. The layoffs have been done right from senior executive to the programmer levels.
The startup is laying off on the basis of latest hiring. The last hired ones will be let go off first.
The startup is backed by top investor including Japan’s SoftBank, Kleiner Perkins Caufield & Byers and Sherpalo Ventures.
Layoffs in other startups have also increased as well and as the external funding in the ecosystem is slowing down, layoffs are turning out as a strategy for survival.