True North Acquires Minority Stake in IPO-Bound InMobi

Private equity firm True North has reportedly acquired a minority stake worth around $50-60 Mn in IPO-bound adtech startup InMobi via secondary share purchases. 

As per a Livemint report, True North acquired the bulk of the shares from early investors seeking a partial exit. 

There was also a small primary funding component to the transaction. Inc42 has reached out to InMobi for comments on the development. The story will be updated based on the response.

The firm has acquired around 2-3%, the report said, citing sources. 

Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal, InMobi provides marketing and monetisation solutions to brands, advertisers, and publishers. It also operates social commerce platform Roposo, and Glance, an AI-based Android lockscreen platform.

To date, InMobi has raised over $774 Mn from investors such as SoftBank, Sherpalo Ventures, Kleiner Perkins, and others. Most recently, its cofounders pumped in around $3.7 Mn in June 2025 and repurchased 25-30% stake from SoftBank a few months later. 

It is currently redomiciling to India from Singapore as it gears up for a $1 Bn public issue. 

Reports earlier this year stated that the company appointed JPMorgan Chase & Co, Jefferies, Kotak Mahindra Capital and Axis Capital as the merchant bankers overseeing its IPO. 

Inc42 had learnt that InMobi was preparing to go public with an issue size of over $1 Bn more than a year ago. The company was seeking a valuation of around $8-10 Bn, while later reports indicated that the figure would be closer to $6 Bn. 

However, there could still be a long way to go before InMobi finally makes its debut on the bourses and hence the details are subject to change. 

The company is also betting big on AI-powered commerce and adtech. Earlier this year, it acquired San Francisco-based mobile app marketing and analytics platform MobileAction to augment its capability to connect brands and iOS mobile users.

The post True North Acquires Minority Stake in IPO-Bound InMobi appeared first on Inc42 Media.