India’s first unicorn startup, InMobi, has begun preparations for a major domestic stock market debut, as the adtech company lines up advisers for an initial public offering (IPO) expected to exceed $500 million in size. As part of this process, the company has completed multiple pitches and has entered advanced discussions with up to eight leading investment banks.
These banks include Kotak Mahindra Capital, Axis Capital, Jefferies, JP Morgan, Motilal Oswal, IIFL Capital, BofA Securities, and UBS. Meanwhile, InMobi continues to evaluate its final syndicate, which may still change depending on strategic considerations.
Additionally, the company is targeting an IPO valuation in the range of $4 billion to $5 billion. However, InMobi has not finalised the proposed issue size or valuation, as market conditions may influence both elements closer to the listing timeline.
Ahead of the public offering, InMobi plans to raise a pre-IPO funding round to strengthen its balance sheet. At the same time, the company is executing a reverse flip, which involves shifting its domicile from Singapore back to India. Following a buyback from SoftBank, the founders now hold a majority stake in the company, while other investors include Sherpalo Ventures and Kleiner Perkins.
Founded in 2007, InMobi operates a global, AI-powered consumer technology ecosystem. Its enterprise platform delivers mobile advertising and customer engagement solutions to more than 30,000 brands, while reaching over 2 billion users across 150 countries.
Meanwhile, the company’s consumer-facing business is led by Glance, an intelligent shopping and discovery agent that operates on owned and operated device surfaces. Glance serves more than 370 million users and generates over 4,000 prompts per user annually, reinforcing InMobi’s strength in data-driven consumer engagement.
In September 2024, InMobi further strengthened its financial position by securing $100 million in debt financing from MARS Growth Capital. Earlier, the company made history in 2011 by becoming India’s first unicorn after raising $200 million from SoftBank at a valuation exceeding $1 billion.
InMobi’s planned domestic IPO marks a significant milestone not only for the company but also for India’s evolving technology and capital markets ecosystem. With strong global reach, diversified revenue streams, and AI-driven platforms like Glance, InMobi appears well positioned to attract investor interest. As the company advances toward listing, its journey from India’s first unicorn to a potential multi-billion-dollar public company highlights the growing maturity of India’s startup landscape.
