InMobi secures $100M to fuel AI growth ahead of IPO
What's the story
InMobi, a leading Indian adtech startup, has successfully secured $100 million in debt financing. The funding was provided by Mars Growth Capital, a collaboration between MUFG and Liquidity Group.
This significant investment is part of InMobi's strategy to "significantly deepen" its artificial intelligence (AI) initiatives and fund potential AI acquisitions before its planned initial public offering (IPO) next year.
AI exploration
InMobi's AI advancements and future plans
InMobi, backed by SoftBank and serving clients like Mastercard, Samsung, Vodafone, and Coca-Cola, has been actively exploring AI advancements over the past two years.
The company's efforts are aimed at enhancing ad interactivity.
"AI is the bedrock of both InMobi's consumer and enterprise businesses," said Naveen Tewari, CEO of InMobi.
He emphasized that they are using AI technology to power revolutionary lock screen experiences through Glance and InMobi Advertising's platforms.
Upcoming IPO
InMobi's valuation and revenue expectations
InMobi is preparing for an IPO in India in 2025, with an estimated valuation of around $10 billion.
The company plans to relocate its domicile from Singapore to India in the coming months.
By the end of March, it expects the annual revenue to exceed $700 million.
The debt financing from Mars Growth Capital is one of the largest transactions to date for the investment firm, which is actively investing in growing the tech ecosystem in Asia.