Job losses looming at InMobi as CEO warns of automating 80% of software coding
The InMobi CEO suggested young professionals upgrade themselves because 'the world underneath you is shifting'
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Bengaluru-based technology company InMobi's founder and CEO Naveen Tewari has raised alarm for tech professionals saying that the company will become 80 percent automated in software coding by year-end.
In an event hosted by the investment platform LetsVenture, Tewari said automation would result in job losses for the company.
"I think my software engineers will not have jobs within two years," he said.
Tewari told LetsVenture's CEO Shanti Mohan, "My Chief Technology Officer will have 80 percent automation in software coding by the end of this year," and added, "We have already achieved 50 percent automation as the codes created by machines are faster and better, and they fix themselves".
The InMobi CEO suggested young professionals upgrade themselves because "the world underneath you is shifting".
Further, he cautioned investors too by saying, "The only part the model cannot replicate is human psychology. So if you're good at reading people, then you have a job, but most investors are not good at reading people. They are good at business models".
InMobi has two companies under it--inMobi Ads which is focused on advertising technology, and Glance, a consumer technology B2C company that offers a smart lock screen technology platform designed for Android-based smartphones.
Glance is reportedly raising Rs 200 crore in debt from Stride Ventures. The company raised $200 million in a Series D round from Jio Platforms in February 2022.
According to a report by Inc42, the Softbank-backed company is planning to file the Draft Red Herring Prospectus (DRHP) in the next 2-3 months for its IPO of valuation of around $10 billion.
