InMobi, a leading adtech startup in India, has secured $100 million in debt financing to further expand its artificial intelligence initiatives and support potential AI acquisitions in preparation for an upcoming IPO next year.
The funding was provided by Mars Growth Capital, a venture between MUFG and Liquidity Group, highlighting their continued interest in the Indian market. Mars has recently invested in other Indian startups like Zepto and Infra.Market.
InMobi, known for its impressive client roster including Mastercard, Samsung, Vodafone, and Coca-Cola, has been actively incorporating AI advancements to enhance the interactivity of ads. With a vast network of app developers globally, the company has been focusing on native ad integration techniques to drive better engagement, as reported by TechCrunch.
CEO Naveen Tewari emphasized the importance of AI in both consumer and enterprise offerings, particularly in revolutionizing lock screen experiences and advertising platforms. InMobi’s subsidiary, Glance, which operates an Android lockscreen platform, is also in discussions to raise over $200 million independently.
With plans to go public in India with a valuation target of $10 billion, InMobi aims to increase its annual revenue above $700 million by the end of the fiscal year. The company is expected to relocate its headquarters from Singapore to India soon to align with its IPO plans.
This substantial debt financing from MARS Growth Capital marks a significant milestone for the investment firm, demonstrating their commitment to fostering growth in the Asian tech ecosystem. Liquidity Group’s CEO Ron Daniel expressed their dedication to supporting tech startups in the region through their partnership with Mars Growth.
