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InMobi secures $100 Mn debt for AI expansion

Entrackr · 1m

InMobi, which offers mobile advertising network software, has secured $100 million in debt financing from MARS Growth Capital, a collaboration between MUFG and Liquidity Group. This investment is set to propel InMobi’s ambitious plans for artificial intelligence (AI) development and strategic acquisitions, the company said in a press release. It further aims to offer brands and consumers more immersive, personalized experiences beyond traditional ad units. While InMobi is raising new funds after a gap of five years, it raised back to back capital for its mobile-first content platform Glance from the likes of Jio and Google. For the uninitiated, InMobi was India’s first unicorn which attained the coveted status in 2011. InMobi offers a range of products, including mobile display ads, native ads, and app install campaigns, leveraging advanced machine learning and AI technologies to optimize ad performance. With a significant presence in over 165 countries, it helps businesses connect with their target audiences across various mobile platforms and drive user acquisition and engagement. Headquartered in Singapore, it has a large presence in San Francisco and operations around the globe. “AI is the cornerstone of our technology. With MARS Growth Capital’s support, we can accelerate our efforts to revolutionize digital interactions and advertising,” said Naveen Tewari, CEO of InMobi. As per media reports,InMobi is planning an initial public offering (IPO) in India in the second half of next year. The company is looking at a valuation of $10 billion. It’s also planning to move its domicile from Singapore to India in the coming months.