Startup Originals Team
InMobi, India’s first startup to achieve unicorn status, is preparing for an initial public offering (IPO) that could raise around $500 million at a valuation of up to $5 billion, according to people familiar with the matter. The move brings one of India’s earliest global tech success stories closer to public markets after years of private growth and restructuring.
IPO Plans Take Shape
InMobi is understood to be actively working on plans for a public listing, with the IPO expected to be among the most closely watched tech offerings from India. The company is evaluating market conditions, regulatory requirements, and investor appetite as it moves toward finalising the offering structure and timeline.
The proposed $500 million raise would primarily be aimed at strengthening the company’s balance sheet, supporting growth initiatives, and providing liquidity to existing investors.
A Pioneer in India’s Startup Ecosystem
Founded in 2007, InMobi made history in 2011 by becoming India’s first unicorn, reaching a $1 billion valuation at a time when the country’s startup ecosystem was still in its early stages. The company built a global presence in mobile advertising and marketing technology, competing with international players and expanding across multiple markets.
Over the years, InMobi has evolved its business model to focus on data-driven advertising, artificial intelligence–led marketing solutions, and consumer engagement platforms.
Business Transformation and Focus on AI
In recent years, InMobi has sharpened its focus on AI-powered advertising and marketing technologies, aiming to help brands better target and engage mobile-first consumers. The company has invested in proprietary technology platforms and analytics capabilities to improve campaign effectiveness and return on investment for advertisers.
This strategic shift is seen as central to its public market pitch, as investors increasingly look for technology companies with scalable platforms and clear differentiation.
Valuation Expectations and Market Context
The targeted valuation of up to $5 billion reflects renewed confidence in InMobi’s growth prospects and the broader recovery in tech market sentiment. Market participants note that valuations for tech IPOs are being approached more cautiously than during the peak of the funding cycle, with a stronger emphasis on sustainable revenue growth and profitability pathways.
InMobi’s long operating history, global footprint, and early-mover advantage could work in its favour as it seeks to attract institutional investors.
Significance for India’s Tech Landscape
InMobi’s IPO would be symbolically significant for India’s startup ecosystem. As the country’s first unicorn, its move to the public markets represents a full-circle moment, highlighting the maturation of Indian technology companies from early-stage startups to global, publicly listed enterprises.
The listing could also reignite interest in Indian ad-tech and enterprise technology companies, sectors that have seen limited IPO activity in recent years.
What Lies Ahead
While details such as the listing venue, timing, and final valuation are yet to be confirmed, preparations indicate that InMobi is positioning itself for a major public debut. Market conditions, regulatory approvals, and investor sentiment will play a key role in determining the final outcome.
If successful, the IPO would mark a new chapter for InMobi and reinforce India’s growing presence in global public technology markets.
