PC: The Financial Express
Breaking news has hit the tech space: InMobi, a leading provider of mobile advertising network software around the world, announced another groundbreaking turn of events with the raise of $100 million in debt financing from MARS Growth Capital, a strategic collaboration between MUFG and Liquidity Group.
The fund raise is purposeful and meant to accelerate InMobi’s aggressive plans toward AI development and making acquisitions, if necessary at all, according to the latest news statement from the company. This will, at the same time, enable InMobi to add even more depth to its products and create experiences with greater engagement for brands and consumers beyond the traditional ad unit.
Though five years have lapsed since the last fundraising, InMobi has been in the process of raising fresh capital for its mobile-first content platform Glance backed by industry heavyweights such as Jio and Google. In fact, InMobi was India’s first unicorn when in 2011 it attained this elite status.
With its comprehensive product portfolio, including mobile display ads, native ads, and app-install campaigns, powered by the best-in-class machine learning and AI technologies for unparalleled ad performance, InMobi operates in more than 165 countries. It acts as an important vehicle in the space by helping businesses reach out to their target audiences across a plethora of mobile platforms, hence effecting user acquisition and engagement at large.
The headquarters of InMobi is in Singapore, but with the powerful hub in San Francisco, its operations actually span the globe. According to CEO Naveen Tewari of InMobi, AI will continue to play the most important role in driving its technological advancement-a source of innovation. With the support of MARS Growth Capital, InMobi will be able to accelerate its journey toward changing how users engage with and experience both digital and advertising, thus setting the stage for a very transformative period of growth and influence at the company.
Meanwhile, InMobi also intends, as part of its strategic vision, to go for an initial public offering in India during the second half of the following year and target a valuation of $10 billion. The company would also change its domicile from Singapore to India shortly. This is seen as a strategic move on the company’s part toward getting more entrenched in the thriving technology ecosystem in the region.
With InMobi growing and expanding in this new chapter, driven by the recently infused funding and abiding dedication to innovation, the company is on course to lead the charge in overhauling the digital advertising ecosystem with innovative solutions and experiences that please both brands and consumers alike.
