Global Expansion Strategies for FinTechs in Emerging Markets: A Playbook for Leaders
2nd August 2025
26 July 2025
2 min read
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SoftBank-backed InMobi, one of India’s earliest unicorns, is preparing to raise up to $1 billion through an initial public offering in India, according to people familiar with the matter. The Bengaluru-based mobile advertising platform plans to appoint financial arrangers and file its draft prospectus this year, seeking a valuation in the $5–6 billion range. If the deal proceeds, it would mark a strategic shift toward domestic listings by India’s tech startups, joining peers like Meesho, Zepto, Pine Labs, PhonePe, and others that have tapped the deeply liquid Indian IPO market in 2025 — which has already raised more than ₹7 billion to date.
InMobi’s IPO plans come as part of broader organizational changes, including redomiciling its listing from Singapore to India—a move aligned with new regulatory reforms that have shortened the reverse‑flip process almost fourfold, to around 3–4 months. Meanwhile, the group is significantly ramping up its AI investments, committing nearly $200 million toward building up its Glance AI commerce platform and next‑gen generative advertising stack, an effort intended to bolster growth and appeal to public market investors ahead of the IPO.
With robust profitability—annual revenue of approximately $268 million and profit near $42 million in FY23—the company is positioning itself as a mature ad tech leader ready for the broader capital markets. If executed as planned, the IPO could value the business closer to the $10 billion mark, especially considering its majority stake in Glance, a high-growth AI content platform. Analysts say InMobi’s public debut would underscore India’s IPO resurgence and reinforce domestic retail investor demand for tech listings with strong fundamentals.
Reference: The Economic Times
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