InMobi, one of India’s pioneering unicorn startups, is preparing for a domestic initial public offering (IPO). The company aims to raise over $500 million (₹4,000+ crore), with a valuation estimated between $4 billion and $5 billion. This move makes it one of the largest Indian startup listings in recent years.
Founded in 2007, InMobi started as a mobile advertising network and quickly became a global player in mobile technology and programmatic advertising. Over the years, the company has expanded into AI-driven marketing solutions and cloud-based platforms, serving clients worldwide. Its journey from Bengaluru-based startup to India’s first unicorn highlights the rapid growth of India’s startup ecosystem and global demand for mobile advertising technologies.
InMobi Investment banks:-
InMobi is actively preparing for its IPO with 8 investment banks in advanced discussions to act as advisors and underwriters. These banks include:
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Kotak Mahindra Capital
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Axis Capital
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Jefferies
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JP Morgan
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Motilal Oswal
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IIFL Capital
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BofA Securities
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UBS
IPO preparations:
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A pre-IPO funding round to strengthen the company’s balance sheet.
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Redomiciling from Singapore to India (reverse flip), making it easier for domestic investors to participate.
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Founders holding the majority stake after buying back shares from SoftBank, indicating strong confidence in the company’s future.
Market Context and Timing
The IPO comes at a favorable time for India’s startup ecosystem:
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Investor sentiment is strong, especially for tech startups with scalable business models.
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InMobi could set a benchmark for other Indian unicorns eyeing domestic listings.
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Timeline: Industry sources suggest a 2026 listing, subject to market conditions and SEBI approvals.
The funds raised from the IPO are expected to support:
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Global expansion plans
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Research and development initiatives
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Potential acquisitions to strengthen product offerings
Business Model and Growth Prospects
InMobi generates revenue primarily through digital advertising solutions, connecting advertisers with mobile users via personalized and programmatic campaigns.
Highlights of the business model:
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AI-driven platforms for targeted advertising
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Global presence across the US, Europe, and Southeast Asia
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Steady revenue growth, even amid global advertising challenges
With mobile internet usage rising in emerging markets, InMobi is well-positioned to capitalize on new opportunities. Its technology platforms are widely adopted by global brands, giving it a competitive edge.
Investor Appeal
The IPO is expected to attract both institutional and retail investors due to:
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Strong growth story and international presence
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Founder-led management holding a majority stake
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Redomiciliation to India, facilitating domestic investor participation
The targeted valuation of $4–5 billion positions InMobi as one of the largest Indian tech startup listings, likely to generate significant investor and media attention.
Potential Challenges
While InMobi has strong fundamentals, potential challenges include:
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High competition in the global advertising space (Google, Facebook, other programmatic platforms)
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Changing regulations around digital advertising and data privacy
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Market conditions affecting investor sentiment, pricing, and subscription levels
Investors will closely monitor how InMobi navigates these challenges while sustaining growth.
InMobi’s IPO marks a milestone for India’s startup ecosystem. As the country’s first unicorn pursuing a major domestic listing, it is setting a precedent for other technology startups.
Key takeaways:
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Target raise: $500+ million (₹4,000+ crore)
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Expected valuation: $4–5 billion(36000-45000 Crore)
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Use of funds: Global expansion, R&D, acquisitions
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Investor appeal: Founder-led management, strong international presence
FAQ-
Q1. What is InMobi’s IPO Size?
A: InMobi is targeting to raise over $500 million (₹4,000+ crore) through its domestic IPO.
Q2. What is the expected valuation of InMobi in this IPO?
A: The IPO is expected to value InMobi at ₹36,000–45,000 crore, making it one of India’s largest tech startup listings.
Q3. Who are the key advisors and banks for this IPO?
A: Eight investment banks are involved, including Kotak Mahindra Capital, Axis Capital, Jefferies, JP Morgan, Motilal Oswal, IIFL Capital, BofA Securities, and UBS.
Q5. Why is InMobi redomiciling to India?
A: The company is moving from Singapore back to India (reverse flip) to make it easier for domestic investors to participate and align with government incentives for local listings.
Q6. Who holds the majority stake in InMobi?
A: The founders hold the majority stake after buying back shares from early investors like SoftBank.
Q7. How will InMobi use the IPO funds?
A: Funds are expected to be used for global expansion, research and development, and potential acquisitions to strengthen its technology and services.
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