InMobi Secures $100 Million Debt Financing for AI Expansion and Potential IPO
In a strategic move to bolster its artificial intelligence initiatives and prepare for a planned IPO next year, InMobi, a profitable Indian adtech startup, has secured $100 million in debt financing. The funding, provided by Mars Growth Capital, a joint venture between MUFG and Liquidity Group, will help InMobi "significantly deepen" its AI capabilities and potentially fund AI acquisitions.
InMobi, backed by SoftBank and serving major clients such as Mastercard, Samsung, Vodafone, and Coca-Cola, has been at the forefront of AI advancements in the ad industry. The company's focus on enhancing ad interactivity and seamlessly integrating native advertisements into content has set it apart in the market.
According to Naveen Tewari, CEO of InMobi, AI is the key to driving superior engagement and outcomes for consumers, advertisers, and publishers. The company's innovative use of AI in its consumer and enterprise businesses, including its lock screen experiences and advertising platforms, has positioned it as a leader in the industry.
In addition to its core business, InMobi also owns Glance, a unicorn startup operating an Android lockscreen platform. Glance is reportedly in talks to raise over $200 million, further solidifying InMobi's position in the market.
With plans to go public in India next year with a valuation of around $10 billion, InMobi is on track to generate annual revenue exceeding $700 million by the end of March. The company's shift from Singapore to India in the coming months is expected to streamline its operations and further drive growth.
The debt financing from Mars Growth Capital marks a significant milestone for the investment firm, demonstrating its commitment to growing the Asian tech ecosystem. As InMobi continues to expand its AI capabilities and explore new opportunities in the market, investors can expect to see further growth and innovation from this industry leader.