Looks like we’re going to be kept busy reporting the wave of layoffs going all around.
In the latest of firing news, Bangalore based ad tech startup Vizury is laying off 50 off its employees as reported by Medianama. However, the real number of the layoffs is rumoured to be upwords of 100.
According to the company, it’s looking to pivot from an ads targeting business into a Data Management Platform model and needs to restructure the workforce accordingly.
In an email sent to Medianama, the company has justified its decision. Here’s an excerpt from the email.
Since our inception, we have always believed that data is important for any brand’s marketing needs and all our offerings have always had a data-backed approach. In this pursuit, we have evolved from a retargeting company to a big data marketing company over the last 2 years. We announced Vizury Engage, our Data and Marketing platform earlier this year and already have customers on board. For Vizury, we believe this is a natural evolution from retargeting to a wider performance landscape. We plan to do this transition over time and realize our vision of becoming the world’s first Performance Marketing Hub that helps Brands build customer engagements that last.
As part of this transition towards building a powerful data-driven marketing stack, some parts of the retargeting business had to be transitioned, hence about 50 employees across 3 cities in India were affected. Like always, we will continue with our efforts towards delivering greater ROI on retargeting investments for our clients. In fact, with focused efforts on our app retargeting solution, we have set a global benchmark and are powering mobile marketing strategies for many clients as well.
Vizury had started operations in 2011, had raised multiple rounds of funding and had gone on to become a celebrated ads tech-centric startup to emerge out of Bangalore. It also enjoyed a good repute as an employer with positive Glassdoor reviews, which touted the company for its favourable working culture, good salary hikes and a number of perks.