Adtech startup InMobi has raised $100 million in debt financing because the worthwhile Indian agency seems 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 stated 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 prospects, has been actively exploring AI developments over the previous two years to reinforce advert interactivity. The corporate, which works with tens of 1000’s of app builders throughout over 50 nations, lately developed strategies for seamlessly integrating native ads 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 boost 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 thus far for the funding agency. “Liquidity, by its JV with MUFG, Mars Progress, is dedicated to rising the Asian tech ecosystem,” stated Ron Daniel, co-founder and CEO of Liquidity Group and CEO of Mars Progress, in a press release.