Stake sale · Enterprise Software & IT

True North buys minority stake in InMobi

By Startup Enthusiast · 25 September 2026

What they do

InMobi is an adtech platform that helps advertisers buy digital ads and publishers monetize

True North acquired a 2-3% stake via secondary share purchase worth $50-60 million

The deal is True North's first technology investment from its seventh fund and signals IPO preparations

Private equity firm True North has acquired a minority stake in InMobi through a secondary share purchase.
The investment is valued at $50-60 million for a 2-3% stake.
The transaction is largely secondary, with a small primary component possible.
Shares were bought from early investors, employee stock options, and founder-owned entities.
InMobi is reportedly preparing for a $500 million IPO in India and has begun engaging bankers.
The company last raised $350 million in December 2025 from Varde Partners, Elham Credit Partners, and SeaTown Holdings.
True North typically takes larger minority stakes, making this an unusually small bet for the firm.
This is True North's first technology investment from its seventh fund.

True North was founded in 1999 as India Value Fund Advisors and has a portfolio including ACT Fibernet, Biocon Biologics, and NSE.
The firm has raised seven funds totalling over $3 billion, with its seventh fund deploying about $500 million.
True North has had approximately $2 billion in exits over the past three years via IPOs and public market transactions.
InMobi is building AI-powered advertising products for the open internet, competing with Google, Meta, and OpenAI.

InMobi is an adtech platform that helps advertisers buy digital ads and helps publishers monetize their content.
It operates across the entire adtech stack with platforms like InMobi Advertising Platform, InMobi DSP, InMobi Exchange, InMobi Telco, UnifID, Meson, and Appsumer.
Consumer brands include Glance (lock screen experience) and Roposo (short video platform).
Founded in 2007 as mKhoj (an SMS-based search service), it pivoted to mobile advertising in 2008.
Headquarters are in Bengaluru.
FY25 operating income was ₹470.91 crore; FY24 was ₹462.07 crore.
FY25 loss was ₹6.92 crore; FY24 loss was ₹12.16 crore.

InMobi is reportedly preparing for a $500 million IPO in India and has begun engaging bankers.
The company is building AI-powered advertising products for the open internet.

True North (buyer) — Private equity firm founded in 1999; portfolio includes ACT Fibernet, Biocon Biologics, NSE.