True North buys 2-3% stake in InMobi for $50-60 million ahead of IPO
Private equity firm True North has acquired a minority stake worth about $50-60 million in InMobi. The stake represents roughly 2-3% of the company and was bought mainly from early investors looking for a partial exit.
The transaction also included a small primary funding element, according to the Livemint report cited by Inc42. InMobi, founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena and Abhay Singhal, offers marketing and monetisation tools for brands, advertisers and publishers, and runs the social commerce app Roposo and the Glance Android lockscreen platform. To date the startup has raised more than $774 million from backers such as SoftBank, Sherpalo Ventures and Kleiner Perkins, and its founders added another $3.7 million in June 2025 while buying back a 25-30% stake from SoftBank a few months later. InMobi is currently shifting its domicile from Singapore to India as it prepares for a planned $1 billion public offering, with JPMorgan Chase, Jefferies, Kotak Mahindra Capital and Axis Capital named as merchant bankers for the IPO.
Inc42 had reported more than a year ago that InMobi was aiming for an IPO size above $1 billion, with early valuation talks targeting $8‑10 billion before later estimates fell toward $6 billion.
What we know
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.
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.
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.