InMobi IPO in line! Adtech giant, funded by SoftBank, plans to go public with a landmark IPO to raise more than INR 8,500 crore. According to reports, InMobi intends to submit its issue prospectus by April. InMobi is planning to debut in the primary market by October 2025. If all goes as planned, InMobi’s valuation could range from USD 8 – 10 billion (~INR 66,400 to 83,000 crore), making it one of India’s biggest IPO from software startups.
InMobi IPO Structure and Valuation Goals
InMobi IPO will include both an Offer for Sale (OFS) and a fresh issuance of shares. Sources indicate that the valuation will represent the combined value of InMobi and its roughly 60% stake in Glance, an AI-powered lock-screen platform, even if talks over the IPO size are still ongoing. Launched in 2019, Glance has played a key role in expanding InMobi’s product line.
After Paytm’s 2021 valuation of INR 1.66 lakh crore and Swiggy’s 2024 valuation of over INR 91,300 crore, InMobi IPO may become one of India’s most successful tech listings. It’s evident that investors are still placing large bets on India’s tech sector given that other businesses like Lenskart and Pine Labs are also seeking INR 8,300 crore IPOs in 2025.
Business Background and Strategic Direction
InMobi, a well-known brand in marketing and monetization, was founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal. With CEO Naveen Tewari recently disclosing that they are utilizing Google’s Gemini basic architecture for their AI stack, they are now exploring further into generative AI (GenAI).
With a USD 100 million loan funding from MARS Growth Capital in September 2024 to support their AI ambitions. With this funding, digital advertising will become more individualized and interactive. Thanks to GenAI, InMobi’s subsidiary Roposo is evolving from a simple influencer platform into a full-fledged social commerce platform where users may open virtual stores.
There’s also big news in the leadership area. In January 2025, Sahil Mathur, the Chief Human Resources Officer for more than ten years, made his resignation public. He has had a big impact on the innovative culture at InMobi.
Financial Performance
InMobi’s revenue is expected to increase from INR 2,330 crore (USD 281 million) in FY23 to INR 5,810 crore (USD 700 million) by March 2025. However, in FY23 profits dropped from INR 415 crore (USD 50 million) in FY22 to INR 340 crore (USD 41 million). North America accounts for 70–80% of the company’s revenue.
To simplify operations and better align with the local regulatory framework, InMobi is moving its base from Singapore back to India in advance of the IPO. This should facilitate the IPO process.
Looking Ahead
InMobi IPO could be a defining moment for India’s tech landscape. The company is set to make a big impact with its creative business plans and strong AI push. India’s place in the global tech scene might be further strengthened if InMobi succeeds in encouraging a fresh wave of Indian firms to go public.
In 2024, the Indian primary market experienced notable activity, with 90 IPOs listed in the market. Of these, 71 IPOs delivered positive returns, while 19 IPOs yielded negative returns. The average listing return for IPOs was an impressive 30.12%. These figures underscore the market’s potential for substantial gains and opportunities.
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