Private equity firm True North has acquired a minority stake worth approximately $50-60 million in InMobi, an adtech startup preparing for an initial public offering (IPO). The transaction took place through secondary share purchases, with True North obtaining around 2-3% of the company. InMobi is currently redomiciling to India from Singapore as it gears up for a public issue valued at over $1 billion, according to inc42.com.
The bulk of the shares acquired by True North came from early investors seeking partial exits, with a small primary funding component also part of the deal. Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal, InMobi operates marketing and monetisation platforms for brands, advertisers, and publishers. The company also runs social commerce platform Roposo and AI-based Android lockscreen platform Glance. InMobi has raised over $774 million to date from investors including SoftBank and Kleiner Perkins, inc42.com reported.
This investment highlights growing interest in Indian adtech startups ahead of major public listings. InMobi’s upcoming IPO is expected to value the company between $8 billion and $10 billion, marking one of the largest public offerings in the sector. The company appointed JPMorgan Chase, Jefferies, Kotak Mahindra Capital, and Axis Capital as merchant bankers for the IPO. Earlier this year, InMobi’s cofounders invested $3.7 million and repurchased a 25-30% stake from SoftBank, signaling strong founder confidence, according to inc42.com.
InMobi’s IPO preparations include a public issue size exceeding $1 billion, positioning it among the largest Indian tech listings. The company’s redomiciliation to India and recent investments reflect strategic moves ahead of the public offering, as detailed by inc42.com.