InMobi wants to raise $150M ahead of IPO in 2027
What's the story
InMobi, a leading player in the mobile advertising network software space, is looking to raise between $100 million and $150 million in a pre-IPO funding round. The move comes as part of the firm's strategy to realign its cap table and set valuation benchmarks ahead of its planned public listing in FY27. The company is said to be working closely with its IPO bankers to engage growth-stage investment firms for this purpose.
Funding discussions
Pre-IPO funding talks and valuation benchmarks
The pre-IPO funding talks are still in their early stages, with several investor calls having already been held. The round is expected to help establish the valuation benchmark that InMobi is targeting for its IPO. Notably, InMobi's IPO bankers may lead this process since it's a well-known company that doesn't need separate bankers for private funding.
Domicile transition
InMobi's domicile shift and investor history
The fundraising comes as InMobi is in the process of shifting its domicile from Singapore to India. Over the years, the company has raised more than $700 million across debt and equity from investors such as Kleiner Perkins and Sherpalo Ventures. Recently, InMobi raised $350 million in new financing from Varde Partners, Elham Credit Partners, and SeaTown Holdings. Most of this capital was used for a share buyback from existing investors including SoftBank and other private equity shareholders.
Business overview
InMobi's core adtech business and Glance platform
Founded in 2007 by Naveen Tewari, InMobi provides mobile display advertising, app install campaigns, and other adtech solutions. The firm works with marketers and publishers to connect them with their target audiences through data-driven analytics. In 2019, it launched Glance, a lock-screen content discovery platform preloaded on smartphones. Backed by Google and Jio Platforms, Glance achieved unicorn status five years ago and is also planning a separate public listing after InMobi's IPO.