The Indian Wire » Startups » InMobi’s losses rise by 53% to reach ₹54 crores in FY19

InMobi’s losses rise by 53% to reach ₹54 crores in FY19

Bengaluru-based InMobi, which is the world’s leading advertising company, saw a 53% year-on-year rise in its losses which reached ₹54 crores during FY19, reported Livemint.

While the company reported a 20% jump in its revenues from ₹317.81 crores in FY18 to ₹384.21 crores in FY19, its expenses also rose from ₹351.3 crores to ₹440.53 crores during the same period.

Talking about its performance, the company said, “InMobi has multiple subsidiaries globally. Our focus has been to grow our top line at a group level while being operationally profitable. Individual subsidiary financials do not accurately reflect the financials of InMobi at a group level. At a group level, InMobi has recorded double-digit growth in the past many years. We have been operationally profitable over the past three years.”

During FY17, InMobi reported a net profit of ₹11.87 crores, which was largely attributed to the company’s overseas operations. However, the company has failed to repeat the trend in the following years.

Since 2017, InMobi had to fork out $950,000 to US federal trade commission (FTC) for tracking the location of users, which hampered its growth.

Currently, the InMobi Group is made up of three of its subsidiaries including TruFactor, Glance and InMobi unified marketing cloud.

Founded in 2007 by Naveen Tewari in Bengaluru, InMobi was started as an SMS-based search and monetization business called mKhoj. It later pivoted to the mobile advertising platform and rebranded itself as InMobi. Till date, the company has raised more than $320 million from marquee investors like Softbank, Kleiner Perkins, Sherpalo Ventures, Lightbox and Tennenbaum Capital Partners.

In October 2019, InMobi had partnered with Microsoft in a bid to strengthen its advertising portfolio.

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