Adtech startup InMobi has raised $100 million in debt financing because the worthwhile Indian agency appears to be like to “considerably deepen” its synthetic intelligence initiatives and fund potential AI acquisitions forward of a deliberate IPO subsequent 12 months.
Mars Progress Capital, a three way partnership between MUFG and Liquidity Group, has financed the funding, InMobi mentioned Wednesday. The funding is the newest in a rising Indian portfolio of Mars, which has additionally backed fast commerce startup Zepto and market Infra.Market in latest months.
SoftBank-backed InMobi, which counts Mastercard, Samsung, Vodafone, and Coca-Cola amongst its clients, has been actively exploring AI developments over the previous two years to reinforce advert interactivity. The corporate, which works with tens of hundreds of app builders throughout over 50 nations, lately developed methods for seamlessly integrating native commercials into content material, TechCrunch beforehand reported.
InMobi additionally owns Look, a unicorn startup that operates an Android lockscreen platform. The Android platform is individually in talks to lift greater than $200 million, TechCrunch has reported.
InMobi is eying a valuation of roughly $10 billion in an preliminary public providing deliberate for subsequent 12 months in India. The corporate expects to generate annual income exceeding $700 million by the tip of March, TechCrunch earlier reported.
The debt financing from MARS Progress Capital represents one of many largest transactions to this point for the funding agency. “Liquidity, by way of its JV with MUFG, Mars Progress, is dedicated to rising the Asian tech ecosystem,” mentioned Ron Daniel, co-founder and CEO of Liquidity Group and CEO of Mars Progress, in an announcement.