IPO-Bound InMobi Mops Up $100 Million Debt For AI Acquisitions
Lockscreen content platform InMobi has secured $100 million debt from MARS Growth Capital, a joint venture between MUFG and Liquidity Group, in possibly the company's final funding round before it heads for an initial public offering.
InMobi will use the funds to acquired potential AI-focused companies, it said in a statement on Thursday. "This financing round will be used to significantly deepen the company's AI capabilities through both organic and inorganic means, to deliver more immersive, personalised ways for brands to better engage with consumers beyond the standard ad unit."
"As one of our largest transactions to date, this financing will help fuel InMobi's next phase of AI-led growth...InMobi is well-positioned to leverage its capabilities across multiple spaces in consumer and advertising technology," said Ron Daniel and Navas Ebin, senior executives at Liquidity and MARS Growth Capital respectively.
InMobi operates two businesses—Glance, a lockscreen content discovery platform and InMobi Advertising, which is targeted at brands to drive data-driven ads at users. The company is currently headquartered in Singapore, and also counts Reliance's Jio Platforms as an investor.
The Naveen Tewari-led firm also operates social media platform Roposo, social shopping platform Shop101 and a gaming app called HiScore.
The company is eyeing an India IPO sometime next year, for which, it will have to shift its domicile back to India.
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