SoftBank-backed adtech unicorn InMobi has secured fresh funding of ₹32 crore (about $3.7 million) from its cofounders — Naveen Tewari, Abhay Singhal, Piyush Shah, Mohit Saxena — and Singapore-based Vatera Pte. Ltd., according to regulatory filings accessed by Inc42.
On February 24, following shareholder approval, the company’s board passed a resolution to allot 2,915 compulsorily convertible preference shares (CCPS) at ₹1,09,655 each to raise the funds.
Among the founders, CEO Naveen Tewari led the round with an infusion of ₹14.5 crore, while Singhal contributed ₹7.3 crore, Shah ₹5.8 crore, and Saxena ₹0.6 crore. Vatera invested the remaining ₹3.8 crore.
A source familiar with the matter told Inc42 that the capital will support InMobi’s working capital needs. The company did not respond to a request for comment at the time of publication.
InMobi’s journey and IPO ambitions
Founded in 2007, InMobi provides marketing and monetisation solutions for advertisers, brands, and publishers. Over the years, it has expanded into platforms like Glance — a lock-screen content and discovery service — and social commerce app Roposo.
To date, the startup has raised over $420 million from marquee investors including Sherpalo Ventures, Lightbox, and Kleiner Perkins.
The new infusion comes as InMobi explores raising $500 million from private credit funds — in two tranches of $250 million each — to repurchase investor stakes ahead of its long-anticipated public listing.
While InMobi had initially targeted filing its draft red herring prospectus (DRHP) in early 2025 for a $1 billion IPO, the timeline has now shifted to the second half of the year. The company also plans to “reverse flip” its base back to India from Singapore before going public, a process already underway.
The startup is betting heavily on AI, having already launched Glance AI and promising to unveil a generative AI advertising stack by the end of 2025. Reports indicate InMobi is targeting $700 million in revenue for FY25.
Meanwhile, InMobi is also laying the groundwork for a separate IPO for Glance, though that is expected to take several more years.