SoftBank-backed advertising technology company InMobi announced on Wednesday that it raised $100 million in debt financing from MARS Growth Capital. MARS Growth is a joint venture between Tokyo-based Mitsubishi UFJ Financial Group (MUFG) and Liquidity Group.
This funding comes as InMobi, headquartered in Singapore, prepares for its planned public listing in India next year.
According to the company’s statement, the new capital will be used to boost the company’s AI development and deployment and support potential AI-focused acquisitions.
The financing will help InMobi strengthen its AI capabilities, both organically and through acquisitions, offering more immersive and personalized ways for brands to engage consumers beyond standard advertising formats.
“AI is the bedrock of both InMobi’s consumer and enterprise businesses, and we are using it to power the revolutionary lock screen experiences and InMobi Advertising’s platforms. We are reimagining how ads can be made truly native by driving superior engagement and outcomes for consumers, advertisers, and publishers,” says CEO, Naveen Tewari.
MARS Growth Capital provides financing to fintech, SaaS, and e-commerce businesses across Southeast Asia, the Pacific, and Europe. Using Liquidity Group’s AI and machine learning, it offers credit and equity financing between $3 million and $100 million for mid-market, late-stage, and pre-IPO technology companies.
“Liquidity, through its JV (joint venture) with MUFG, Mars Growth, is committed to growing the Asian tech ecosystem. As one of our largest transactions to date, this financing will help fuel InMobi’s next phase of AI-led growth,” said Ron Daniel, cofounder and CEO of Liquidity Group and CEO of Mars Growth.
The firm is shifting to an AI-first approach, leading to job cuts for 125 employees, or 5% of its 2,500 global workforce.
Backed by Google, Jio Platforms, and Mithril Capital, InMobi operates two primary businesses: InMobi Ads, a B2B ad technology company, and Glance, a B2C smart lock screen platform that provides personalized content and entertainment while enabling targeted ads.
Glance is also developing the video-commerce platform Roposo and the gaming platform Nostra.
