True North buys 2%-3% InMobi stake for $50 million-$60 million pre-IPO
Private equity firm True North has picked up a 2% to 3% stake in ad tech company InMobi for around $50 million to $60 million, right as InMobi gears up for its big IPO.
Most of these shares came from early investors, and it's actually the first time True North's latest fund is betting on a tech company.
InMobi raised $350 million, eyes $500 million IPO
InMobi, established in 2007 as mKhoj, raised $350 million late last year and now has its sights set on a $500 million public offering.
This fresh investment comes as InMobi builds a new generation of advertising products and positions itself for the next phase of growth.
For True North, usually focused on midsize Indian companies, this move signals a push into emerging tech after recent exits from firms like Fedbank Financial Services and Cloudnine Hospitals.