Adtech leader InMobi has successfully secured $100 million in debt financing as the profitable Indian company aims to significantly enhance its artificial intelligence initiatives and support potential acquisitions ahead of its planned IPO next year.
Mars Growth Capital, a collaboration between MUFG and Liquidity Group, is the source of this financing, InMobi announced on Wednesday. This investment marks the latest addition to Mars’s growing Indian portfolio, which has also included backing for quick-commerce startup Zepto and marketplace Infra.Market in recent months.
InMobi, which is backed by SoftBank, has notable clients including Mastercard, Samsung, Vodafone, and Coca-Cola. The company has been actively pursuing advancements in AI over the past two years to improve ad interactivity. It collaborates with tens of thousands of app developers across more than 50 countries and has recently created innovative techniques for seamlessly incorporating native advertisements into various types of content, as previously reported by TechCrunch.
Additionally, InMobi owns Glance, a unicorn startup that operates an innovative Android lockscreen platform. Reports indicate that this platform is currently in discussions to secure over $200 million in funding.
As it approaches its initial public offering planned for next year in India, InMobi is targeting a valuation of approximately $10 billion. The company anticipates generating annual revenue exceeding $700 million by the end of March, as noted by TechCrunch earlier.
The debt financing from Mars Growth Capital represents a significant transaction for the investment firm. “Liquidity, through its joint venture with MUFG, Mars Growth, is dedicated to fostering the Asian tech ecosystem,” stated Ron Daniel, co-founder and CEO of Liquidity Group and CEO of Mars Growth, in a statement.