InMobi Aims for $10 Billion Valuation with Planned 2025 India Initial Public Offering (IPO)

InMobi, a leading adtech startup from India, is reportedly planning to list on the stock market at a valuation of around $10 billion. The company has been profitable and is set to shift its domicile from Singapore to India in the coming months. This move would make InMobi one of the biggest listings by a local software startup in India.

A Valuation of $10 Billion: A Record for Indian Startups

The majority of startups that have listed in India in recent years have sought valuations below $5 billion. Paytm, which listed at a valuation of $20 billion in 2021, has seen its market cap fall to $3.5 billion since then. InMobi’s planned listing at a valuation of $10 billion would be a significant milestone for Indian startups.

InMobi’s Business Model and Expansion Plans

InMobi operates a comprehensive advertising platform that integrates demand-side and supply-side technologies with a large ad exchange. The company serves tens of thousands of app partnerships across 50 countries, counting major brands such as Mastercard, Samsung, Vodafone, Ford, Kellogg’s, L’Oréal Paris, Nokia, Kia, KFC, Dell, and Coca-Cola among its clients.

InMobi has raised less than $300 million to date and counts SoftBank among its backers. However, the company has faced challenges in expanding its business, particularly in the digital advertising space dominated by Google and Meta.

Glance: A Unicorn Startup with a Bright Future

InMobi’s consumer business arm, Glance, is a unicorn startup that operates an Android lockscreen platform. The app brings news, information on local events, sports, media content, and games directly to the lockscreen of Android smartphones. With over 450 million installs, Glance has become a significant player in the mobile advertising market.

Glance recently started a pilot in the U.S., and the company plans to soon launch a revamped version of the app that incorporates generative AI to bring personalized feeds and experiences to users. One feature will allow users to see themselves in clothes from different brands, as seen in internal demos reviewed by TechCrunch.

Generative AI: The Future of Advertising

InMobi is betting big on generative AI to adapt to user preferences and offer experiences that will hook them to the platform and drive commerce. The company plans to roll out similar generative AI offerings in its advertising business to enable the creation and insertion of native advertisements into a wide range of content.

A Funding Round for Glance?

Google, an existing backer of Glance, is reportedly engaging with InMobi to lead a new funding round of more than $200 million in Glance. A funding round could close within weeks. This move would further solidify Glance’s position as a major player in the mobile advertising market.

InMobi’s IPO: What to Expect?

While InMobi has not officially confirmed its plans for an IPO, sources close to the matter have revealed that the company is planning to list at the group level, which includes its advertising arm and investments in Glance. The company expects to generate annual revenue of more than $700 million by the end of March.

Conclusion

InMobi’s planned listing at a valuation of $10 billion would be a significant milestone for Indian startups. With its comprehensive advertising platform, expansion plans, and innovative use of generative AI, InMobi is well-positioned to continue its growth trajectory in the adtech market.

However, the company will need to navigate challenges such as intense competition from established players like Google and Meta and regulatory hurdles in various markets. Nevertheless, with its strong business model and innovative products, InMobi is poised for continued success in the years to come.

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