True North buys $50M stake in IPO-bound InMobi
What's the deal? True North has acquired a $50 million stake in adtech firm InMobi in a largely secondary transaction, three people familiar with the matter told Mint. The private equity firm bought shares from early investors, employee stock options, and some founder-owned entities, according to one of the people.
The details: True North picked up a 2-3% stake, an unusual position for a firm that typically takes significant minority stakes. It marks the first technology bet from True North's seventh fund. Valuation details were not available as the investment was blended across different entities.
Why now? The Bengaluru-based company is engaging with bankers for a $500 million IPO in India, and the deal gives True North a position ahead of the planned listing. InMobi last raised $350 million from Varde PartnersDealroom has a profile for this one. Try Dealroom →, Elham Credit PartnersDealroom has a profile for this one. Try Dealroom →, and SeaTown HoldingsDealroom has a profile for this one. Try Dealroom → in December 2025.
What's the endgame? Founded in 2007 as mKhojDealroom has a profile for this one. Try Dealroom →, InMobi helps advertisers buy digital ads and helps publishers monetise their websites and apps, earning a share of the spending that flows through its platforms. It is now building advertising products for an internet increasingly shaped by AI.
What could go wrong? Large platforms such as GoogleDealroom has a profile for this one. Try Dealroom →, Meta, and OpenAI are building their own AI advertising products. InMobi is betting that its scale in the open internet — outside the biggest technology platforms — will help it capture a share of the next wave of growth.
The company's operating income rose to US$64M in FY25 from US$62.8M a year earlier, while its loss narrowed to US$939.8K from US$1.65M, according to filings sourced by ToflerDealroom has a profile for this one. Try Dealroom →.
The signal: True North, founded in 1999 as India Value Fund AdvisorsDealroom has a profile for this one. Try Dealroom →, has clocked close to $2 billion in exits over the past three years through IPOs and public market transactions. Its pre-IPO entry into InMobi reflects growing investor appetite for adtech positioned to ride India's public market listing wave.
Read more: livemint.com
Image credit: mack reed (factoid)
