SoftBank-backed mobile advertising company InMobi, one of the first Indian companies to enter the Unicorn club, has been able to bring down their losses to Rs 3.5 crore in the financial year 2016 from Rs 15 crore in the year ago period.

Inmobi Technology Services Pvt Limited, the company that owns Inmobi, has posted a marginal rise in its revenues at Rs 303 crore in FY 16 as against Rs 262 crore in the year ago period, according to a company filing on Registrar of Companies that was accessed on business research platform Tofler.

However, according to the company, these numbers only reflect the business coming out of the Indian market and not globally. For Inmobi, a large chunk of its business comes from China and the US markets.

InMobi is also one of the first company to have raised funds from the Japanese Internet giant Softbank in 2011 and had then set a target to hit a billion dollar revenue in the next three years. However, the financials say a different story even after six years. The company has so far raised about $220 million.

The company, which counts Facebook and Google as its competitors, faced a series of misadventures during the last few years including heavy losses, stagnant revenues and layoffs, BusinessLine reported in May last year.

The company had then told BusinessLine that the revenues had been stagnant for the last few years because most mobile ad networks were struggling globally and those that went public have seen their stock drop from $60 to $2 in 12-18 months. It also added that there has been a stiff competition from programmatic ad buying along with the growing dominance of Facebook in mobile advertising.

InMobi competes with Facebook and Google for a slice of the lucrative worldwide mobile internet ad-spending pie that is on track to nearly triple, from $68.69 billion in 2015 to $195.55 billion in 2019, with a customer base of 30,000 app developers/publishers and 5,000 brands/retailers.

Last year, the company had also launched its mobile-first, in-app remarketing platform globally across India, the US and Southeast Asia in a bid to take on its competitors. It claimed that it saw mobile remarketing adoption  soar 400 per cent in 2016. This strategy came in after Miip, a product that the company launched in 2015 to engage users by suggesting products to buy across apps, failed. Miip, which was launched with much fanfare in the US, was discontinued in 2016.

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