Bengaluru-based adtech unicorn InMobi is in advanced discussions to raise $400 million in a Series E funding round at a post-money valuation of $8 billion, according to sources familiar with the matter. The last known valuation of InMobi stood at $1.5 billion, making the projected $8 billion valuation a more than fivefold increase.
Both existing and new investors are expected to participate in the equity-only round, which could close in the coming weeks.
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When contacted, InMobi declined to comment.
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InMobi has raised $216 million in private equity to date. The company also secured a $100 million debt round from Mars Growth Capital, a joint venture between MUFG and Liquidity Group, in September 2024.
The fundraising aligns with InMobi’s preparations to file a draft red herring prospectus (DRHP) with Sebi for a potential $8-$10 billion IPO. The company aims to complete the filing by early April and is currently finalising its bankers and bookkeeping partners.
Meanwhile, Glance – a subsidiary in which InMobi holds a 50.5% stake – is charting separate listing plans after completing an additional funding round, also expected before April. Notably, Glance is backed by Google (20.3%) and Jio (10.1%), as per November 2023 data from Tracxn.
InMobi plans to allocate a significant portion of the new capital to enhance its generative AI (GenAI) advertising solutions and develop other AI-driven capabilities. The company is also exploring strategic AI-focused acquisitions to bolster its technological edge.
Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal, InMobi has become a leader in contextual marketing and monetisation solutions for brands, advertisers, and publishers. The company’s proprietary GenAI stack leverages Google’s Gemini foundational model to deliver innovative solutions.
Currently, promoters and employees collectively own about 50% of the company, followed by SoftBank Group with just under 40%.
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