InMobi Raises $100 Million in Debt Financing to Fuel AI Initiatives and Potential Acquisitions
Indian adtech startup InMobi has secured $100 million in debt financing from Mars Growth Capital, as it aims to enhance its artificial intelligence (AI) initiatives and fund potential AI acquisitions ahead of its planned IPO next year. This investment marks the latest addition to Mars’ growing Indian portfolio, which also includes investments in quick commerce startup Zepto and marketplace Infra.Market.
InMobi, backed by SoftBank and boasting clients such as Mastercard, Samsung, Vodafone, and Coca-Cola, has been actively exploring AI advancements over the past couple of years to improve ad interactivity. With a global presence and partnerships with tens of thousands of app developers across over 50 countries, InMobi has recently developed techniques to seamlessly integrate native advertisements into content.
Naveen Tewari, CEO of InMobi, emphasized the significance of AI in the company’s operations, stating, “AI is the bedrock of both InMobi’s consumer and enterprise businesses, and we are using it to power the revolutionary lock screen experiences and InMobi Advertising’s platforms. We are reimagining how ads can be made truly native by driving superior engagement and outcomes for consumers, advertisers, and publishers.”
In addition to its core business, InMobi also owns Glance, a unicorn startup operating an Android lockscreen platform. The Android platform is currently in talks to raise more than $200 million, further highlighting InMobi’s strong position in the market.
Looking ahead, InMobi is eyeing a valuation of around $10 billion for its IPO in India next year. The company plans to shift its domicile from Singapore to India in the coming months, demonstrating its commitment to the Indian market. According to previous reports, InMobi anticipates generating annual revenue exceeding $700 million by the end of March.
The debt financing from Mars Growth Capital represents a significant milestone for the investment firm, marking one of its largest transactions to date. Ron Daniel, co-founder and CEO of Liquidity Group and CEO of Mars Growth, expressed their commitment to fostering growth in the Asian tech ecosystem.
This latest funding round not only provides InMobi with the necessary financial resources to expand its AI capabilities but also solidifies its position as a leading player in the adtech industry. With its focus on AI advancements, InMobi is well-positioned to continue driving innovation and delivering superior engagement and outcomes for its clients. As the company gears up for its IPO, it will be interesting to see how it leverages its AI expertise to further disrupt the advertising landscape.
Overall, the investment in InMobi reflects the growing interest and confidence in AI technologies and their potential to transform industries. As businesses across various sectors continue to invest in AI-driven solutions, we can expect to see further advancements and applications of this powerful technology.
