Private equity firm True North has reportedly bought into IPO-bound adtech major InMobi in a transaction that underscores both investor appetite for late-stage Indian technology assets and the company's push toward a public market debut. According to a Livemint report, True North acquired a minority stake worth around $50 million to $60 million, largely through secondary share purchases from early investors looking for a partial exit. The report said the firm picked up roughly 2% to 3% of the company, with a small primary funding component also included in the transaction.
The deal arrives at a pivotal moment for InMobi, one of India's best-known consumer internet and adtech companies, as it works through a redomiciling process from Singapore to India and prepares for a planned public issue. The company has been laying the groundwork for a listing for some time, with reports earlier this year indicating that it had appointed JPMorgan Chase & Co, Jefferies, Kotak Mahindra Capital and Axis Capital as merchant bankers for the offering. Inc42 had previously reported that InMobi was preparing for an IPO of more than $1 billion, a scale that would place it among the most closely watched technology listings in the country.
Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena and Abhay Singhal, InMobi has evolved from a mobile advertising business into a broader platform spanning marketing, monetisation and digital commerce. Its portfolio now includes Roposo, a social commerce platform, and Glance, an AI-based Android lockscreen platform that has become one of the company's most prominent consumer-facing bets. The company says it serves brands, advertisers and publishers with tools designed to improve targeting, monetisation and user engagement.
The reported True North transaction also highlights the continued role of secondary deals in India's startup ecosystem, particularly for mature companies approaching public markets. Such transactions allow early backers to realise some gains without forcing the company into a large primary capital raise, while also bringing in new institutional investors with a longer-term view of the listing process. For InMobi, a partial exit by early investors may help tidy up the ownership structure ahead of an IPO, even as the company continues to refine its valuation narrative for public investors.
InMobi has raised more than $774 million to date from investors including SoftBank, Sherpalo Ventures and Kleiner Perkins, among others. Its cap table has been in motion in recent months. In June 2025, the company's cofounders reportedly infused around $3.7 million into the business, and a few months later repurchased 25% to 30% of a stake from SoftBank. Those moves suggested a concerted effort by the founders to strengthen control and simplify the company's ownership structure ahead of a listing.
Valuation expectations around the IPO have also shifted over time. Earlier reports suggested InMobi was targeting a valuation of roughly $8 billion to $10 billion, though later accounts indicated the figure could be closer to $6 billion. That range reflects both the volatility in public market sentiment toward growth-stage technology companies and the challenge of pricing a business that spans adtech, commerce and consumer internet products. Even so, the company's scale, long operating history and diversified product stack make it one of the more significant Indian tech listings in the pipeline.
InMobi is also leaning heavily into artificial intelligence and commerce-led growth. Earlier this year, it acquired San Francisco-based MobileAction, a mobile app marketing and analytics platform, to strengthen its ability to connect brands with iOS mobile users and deepen its adtech capabilities. The acquisition fits into a broader strategy to build a more integrated platform across advertising, analytics and commerce as the company positions itself for the scrutiny of public markets.
Inc42 has reached out to InMobi for comment on the development. The story will be updated if and when the company responds. For now, the reported True North investment adds another layer to InMobi's pre-IPO restructuring, signaling that investors continue to see value in one of India's most established digital advertising and commerce platforms even as it moves closer to the bourses.