Many companies are amalgamating AI into their products and business operations. These include the likes of: Amazon, Meta Platforms, Tesla, Upstart, Netflix, Alphabet, JPMorgan Chase, Boeing, Johnson and Johnson, ExxonMobil.
InMobi Undergoes AI Transformation, Resulting in Job Losses
Now the Bengaluru based adtech unicorn InMobi is realign its business operations across technology, organisational structure, people and skills by deploying artificial intelligence (AI). This AI shift shall cause job cuts in the company and the job cuts shall be completed per month.
The employer of 2,500 people shall undergo a job cut for as many as 125 staff people which is around 5% of its total workforce.
This is going to have a substantial impact on various business functions like customer engagement, communication, sales, and overall business operations.
Some of its outdated processes shall be discontinued and it is after 17 years of its establishment, it is undergoing a thorough overhaul due to AI.
InMobi to plan its IPO
InMobi, was initially in B2B but now is also stepping into B2C domain. It was due to the market condition that the IPO was getting postponed. However, with the recent resurgence of the tech stocks, the company is planning to go with the IPO within the period of next 12-15 months.
InMobi was founded in 2007 with the aim to evolve as a prominent marketing and monetization technology provider with a global presence.
The company also stays abreast of global privacy regulations and its recent acquisition of San Francisco-based adtech company Quantcast Choice.
In FY23, InMobi experienced a significant increase in net profit to INR 113.2 Cr from INR 24.5 Cr in the previous fiscal year, with a robust revenue growth of 41.7%, reaching INR 589.57 Cr.
Various sectors are getting affected by the AI adoption and these include sectors like IT, hospitality, and banking. This has led to these sector companies upskilling the workforce.
AI upskilling still could not eliminate the anxiety around the future of work.
Recently, Paytm too did a layoff and attributed it to the increased use of AI-led automation aimed at enhancing efficiency.
