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InMobi has reported a net loss of ₹54 Cr for the fiscal year 2019, representing a 53 percent year-on-year (YoY) increase compared to the previous financial year.

The company’s revenue stood at ₹384.21 crore in FY19 compared to ₹317.81 crore in FY18, which shows a 20 percent YoY jump in during the same time period. In terms of expenses, it reported ₹440.53 crore in FY19 compared to ₹351.3 crore in FY18.

The higher losses come at a time when the company restructured its business with three subsidiaries under a holding entity InMobi Group. The company’s expenses outpaced revenue with a growth rate ratio of 25 percent to 20 percent.

In a statement released by the company, it 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.”

After FY17, the company experience a number of setbacks including a competitive mobile advertising market, lay-offs, and a $950,000 fine imposed on InMobi by the US federal trade commission (FTC) for wrongfully tracking location of users. However, since then it has undertaken a series of business decisions to increase its revenue potential.

The company hired a new CFO in 2018 and InMobi also shifted focused to business-to-consumer (B2C) product Glance which offers personalized ad-free content into the lock screens of smartphones.

InMobi was founded by Naven Tewari, Piyush Shah, Abhay Singhal, Mohit Saxena and Amit Gupta in 2007. Currently, the company has three core businesses under its brand — TruFactor a consumer data management tool for telcos, InMobi unified marketing cloud (UMC), and content platform Glance.