Layoffs seem to be the distasteful flavour of this Diwali season, with employees, working in companies across various verticals, facing the axe. The new addition to this league of companies is Bangalore-based Digital CRM company, Vizury, as it pivots to a business model and attempts to adopt a data-based marketing model.
According to the company, employment of about 50 employees across five cities has been terminated. It, however, declined to name the cities where the employees have been fired.
However, Medianama has reported that the number is close to 110 and that the company will be closing its Mumbai office.
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“Earlier this year, we announced Vizury Engage, a data and marketing Platform, and already have customers on board. As our collective efforts are directed towards Engage to realise our vision of becoming the world’s first Performance Marketing Hub, some aspects of our retargeting business had to be transitioned,” said the company in a statement.
“As always, we will continue to deliver increased ROI for our existing clients in the retargeting business along with a strong focus on our new App Retargeting and App Re-engagement offering. However, about 50 employees across three cities in India were affected. We will help in getting job opportunities for these employees in every way possible,” the company stated.
Founded in 2008 by Chetan Kulkarni, Gaurav Chindlur and Vikram Nayak, Vizury, offers digital marketing technology solutions. It helps marketers acquire customers via customised marketing solutions. It works with online brands in 27 countries across industries, such as travel & hospitality, ecommerce, healthcare, automobile and classifieds.
Last year in June, with participation from Ascent Capital, it had raised $14.2 Mn (INR 94 Cr.) in a Series C funding round led by Intel Capital.. Its existing investors Nokia Growth Partners and Inventus Capital Partners also participated in this round.
Previously, Vizury had raised $2 Mn in Series A round led by Ojas Venture Partners and Inventus in 2010. ater in 2012, Nokia Growth Partners, Ojas Venture Partners and Inventus Capital Partners invested $ 9 Mn in it – taking its total funding amount to $27 Mn (INR 160 Cr.)