InMobi targets $10 billion valuation in 2025 India IPO – sources

India’s mobile advertising technology company InMobi is aiming for a valuation of approximately $10 billion in its planned initial public offering next year, TechCrunch reported. The company intends to list on the Indian stock market, moving its domicile from Singapore to India in the upcoming months to align with this significant financial milestone.

Founded in 2007, InMobi has the distinction of being the first Indian startup to achieve unicorn status. Despite facing significant challenges early on in an industry dominated by giants like Google and Meta, InMobi has carved out a substantial niche for itself. Its comprehensive advertising platform integrates demand-side and supply-side technologies, servicing tens of thousands of app partnerships across 50 countries. The company’s impressive client roster includes global brands such as Mastercard, Samsung, Vodafone, Ford, Kellogg’s, L’Oréal Paris, Nokia, Kia, KFC, Dell, and Coca-Cola.

The anticipated $10 billion valuation positions InMobi’s IPO as one of the largest listings by an Indian software startup. This move contrasts sharply with the majority of recent Indian tech IPOs, which have typically sought valuations below $5 billion. Notably, Paytm, which debuted at a $20 billion valuation in 2021, has since seen its market capitalization drop to $3.5 billion. InMobi’s IPO will encompass its entire group operations, including its robust advertising arm and its stakes in Glance, a unicorn startup that operates an innovative Android lockscreen platform. The company is projected to surpass $700 million in annual revenue by March, underscoring its financial health and growth potential.

InMobi has raised less than $300 million in funding to date, with notable backing from SoftBank, which had previously written off its investment in the startup. Over the past decade, InMobi has significantly expanded its advertising operations while also building a consumer-facing business through Glance. Glance, installed on over 450 million smartphones and actively used on about 300 million, delivers news, local event information, sports, media content, and games directly to the Android lockscreen. The app recently began a pilot program in the U.S. and plans to launch a revamped version incorporating generative AI to provide personalized user experiences and enhance engagement.