In a defining moment for India’s technology ecosystem, adtech-to-consumer-tech firm InMobi has completed a landmark USD 250 million (~INR 2,248 crore) buyback of early investor SoftBank Group Corp.’s stake, consolidating founder control ahead of a much-anticipated public listing. The transaction, which values the company at approximately USD 1 billion (~INR 8,995 crore), effectively marks the Japanese investment giant’s full exit from India’s first unicorn—a company it backed nearly 15 years ago.
A Founder-Led Revival
The buyback follows a USD 350 million (~INR 3,148 crore) private debt raise from a consortium of global credit investors—Värde Partners, Elham Credit Partners, and SeaTown Holdings. The financing, structured in two tranches—USD 200 million (~INR 1,799 crore) at the operating company level and USD 150 million (~INR 1,349 crore) at the holding entity—was secured against the founders’ equity stakes.
The funds have been primarily used to repurchase SoftBank’s shares, enabling the cofounders—Naveen Tewari, Abhay Singhal, Mohit Saxena, and Piyush Shah—to increase their collective ownership to over 60%. After the transaction, SoftBank’s stake drops from more than 35% to between 5% and 8%, while founders and employees together now control over 80% of the company.
The deal represents a symbolic redemption for both parties. For SoftBank, the buyback is a financial clean-up, allowing it to recoup its decade-old investment, which it had previously written off in 2016. For InMobi’s founders, it is a strategic consolidation of control as they prepare to list the company in India in 2026.
The Financial Architecture
The debt package carries an annual interest rate of 13–14% and is secured by pledges of founder shareholdings. While expensive, such private-credit structures have become increasingly common among late-stage Indian startups aiming to optimize ownership and governance before going public.
A **substantial portion—around USD 250 million (~INR 2,248 crore)—**was channelled directly toward the buyback of SoftBank’s equity. The remaining USD 100 million (~INR 900 crore) is reportedly earmarked for operational expansion, AI capability building, and further technological integration across InMobi’s two major business arms.
Inside InMobi’s Ecosystem
Founded in 2007 by Naveen Tewari along with Abhay Singhal, Mohit Saxena, and Piyush Shah, InMobi pioneered mobile advertising in India. Today, it operates across two core verticals:
- InMobi Advertising – A data-led media platform that delivers targeted and programmatic advertising solutions for brands worldwide.
- Glance – An AI-driven content discovery platform that curates entertainment and information directly on smartphone lock screens, serving over 150 crore devices globally.
The company has diversified into AI and commerce technology, with Glance expected to contribute significantly to future revenues. In 2025, Glance also launched a GenAI-powered shopping application built on the Gemini API, offering interactive, selfie-based product modeling for consumers.
The Road to IPO
Industry insiders view the buyback as a precursor to InMobi’s domestic IPO, anticipated in 2026, as the firm redomiciles from Singapore to India. This move will simplify regulatory compliance and align governance under Indian corporate law—a necessity for domestic market participation.
With revenues of approximately USD 600 million (~INR 5,396 crore) in FY2024 and a strategic focus on profitability, InMobi is repositioning itself as a leaner, founder-controlled enterprise. Despite facing headwinds in FY2024, when revenues dipped 18% and the company posted a net loss of USD 76.9 million (~INR 692 crore), CEO Naveen Tewari has projected an annual revenue run rate (ARR) of USD 300 million (~INR 2,698 crore) by FY2026, signalling a turnaround fueled by generative AI innovation and digital marketing demand recovery.
SoftBank’s Exit: A Full Circle
SoftBank first invested USD 200–220 million (~INR 1,800 – 19,80 crore) in InMobi between 2011 and 2012, helping the startup achieve its unicorn status. The Japanese conglomerate’s exit, while financially neutral in real terms, closes a 15-year chapter in Indian venture capital history. For SoftBank, the INR 2,248 crore recovery provides a modest win, as the investment had been marked down internally years earlier.
The exit follows similar founder-led buyback patterns seen across SoftBank’s Indian portfolio, including Lenskart, where CEO Peyush Bansal increased his ownership earlier in 2025.
A Signal to India’s Tech Market
InMobi’s move to repurchase its equity from a major global investor marks a maturing phase in India’s startup ecosystem. It reflects the growing preference among founders to reclaim strategic control, particularly before entering public markets.
As InMobi readies itself for what could be one of the most closely watched tech listings of 2026, the company’s leadership has successfully redefined its capital structure, reaffirmed its autonomy, and positioned itself as a flagbearer of India’s next wave of AI-driven advertising technology.
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