New Delhi: Softbank-backed consumer technology company InMobi on Wednesday said it has raised USD 100 million debt financing from MARS Growth Capital, a joint venture between MUFG and Liquidity Group.
InMobi has plans to list in India and has started the necessary process. The company plans to use the funds for the development and deployment of InMobi's artificial intelligence (AI) technology and for potential AI-focused acquisitions. “We are pleased to have the confidence and funding from MARS Growth Capital to further accelerate our growth trajectory,” Naveen Tewari, CEO of InMobi said.
He said AI is the bedrock of both InMobi's consumer and enterprise businesses. “We are using it to power the revolutionary lock screen experiences and InMobi Advertising's platforms. We are reimagining how ads can be made truly native by driving superior engagement and outcomes for consumers, advertisers and publishers,” Tewari said. MARS Growth Capital invests in future-ready AI platforms in Asia Pacific and Europe.
“Liquidity, through its JV with MUFG, Mars Growth, is committed to growing the Asian tech ecosystem. As one of our largest transactions to date, this financing will help fuel InMobi's next phase of AI-led growth,” says Ron Daniel, Co-Founder and CEO, Liquidity Group and CEO, Mars Growth said.
