Exclusive: IPO-Bound InMobi Bags INR 32 Cr From Cofounders

SoftBank-backed adtech unicorn InMobi has raised INR 32 Cr (about $3.7 Mn) from its cofounders – Naveen Tewari, Abhay Singhal, Piyush Shah, and Mohit Saxena – and Singarpore-based Vatera Pte. Ltd.

As per the startup’s regulatory filings accessed by Inc42, the startup’s board on February 24, subsequent to the approval from shareholders, passed a resolution to allot 2,915 CCPS to the cofounders and Vatera at INR 1,09,655 apiece to raise INR 32 Cr.

While Tewari infused INR 14.5 Cr, Singhal, Shah, and Saxena invested INR 7.3 Cr, INR 5.8 Cr, and INR 0.6 Cr, respectively, in the startup. Vatera pumped in the remaining INR 3.8 Cr.

A questionnaire sent to InMobi about the funding didn’t elicit any response till the time of publishing this story. However, a source told Inc42 that the capital will be used for the startup’s working capital requirements.

Founded in 2007, InMobi provides marketing and monetisation solutions to brands, advertisers, and publishers. It also operated lock screen content and product discovery platform Glance, social commerce app Roposo, and more.

It has raised a total funding of over $420 Mn Mn to date and counts the likes of Sherpalo Ventures, Lightbox, and Kleiner Perkins Caufield & Byers among its investors.

InMobi’s IPO Plans

The latest development comes at a time when InMobi is said to be in talks to raise $500 Mn from private credit funds in two tranches of $250 Mn each to buy back stake from its investors ahead of its public listing. It is also said to be looking to make an acquisition ahead of its IPO.

InMobi is betting big on AI, and has announced plans to invest several hundred million dollars in AI commerce platforms and generative AI ad tech stacks. While Glance AI has already been launched, a GenAI ad stack is expected to go live by the end of 2025. 

On the IPO front, InMobi was looking to file its DRHP in the first half of 2025 for over $1 Bn public issue. However, the plan was delayed and the startup is eyeing filing the draft papers in the second half.

Notably, InMobi will have to reverse flip to India from Singapore ahead of the IPO. The startup’s homecoming is currently in the works.

While InMobi’s financial statement for FY25 is not out yet, it was earlier said to be looking to clock a revenue of $700 Mn during the year. 

Meanwhile, InMobi is planning a separate IPO for Glance. However, it would take few more years for that.

Edited By: Vinaykumar Rai