InMobi, a successful adtech startup based in India, has secured $100 million in debt financing to further enhance its artificial intelligence initiatives and potentially acquire AI technology in preparation for its upcoming IPO next year.
The funding was provided by Mars Growth Capital, a collaboration between MUFG and Liquidity Group. In addition to supporting InMobi, Mars has also invested in other Indian startups like Zepto and Infra.Market in recent months.
Backed by SoftBank and serving clients like Mastercard and Samsung, InMobi has been focusing on AI developments to improve ad interactions. The company has been working on integrating native ads seamlessly into content for app developers worldwide.
InMobi also owns Glance, a successful startup with an Android lockscreen platform. Glance is currently in talks to raise over $200 million in separate funding rounds.
In preparation for its IPO, InMobi aims for a valuation of around $10 billion and expects to reach annual revenue of over $700 million by the end of March next year.
The significant debt financing from MARS Growth Capital is a milestone for the investment firm, demonstrating their commitment to supporting the growth of the Asian tech ecosystem, according to Ron Daniel, CEO of Liquidity Group and Mars Growth.
