InMobi raises $200 Million
Date: Monday , October 03, 2011
InMobi, a mobile advertising company, raises $200 million fund from Japan based Softbank. The investment will take place in two tranches, with $100 million in September 2011 and the rest in April 2012. The current round of funding will be used to hire people, finance acquisitions and expand aggressively in new regions such as China. The fund will also be used to scale up its recently launched mobile payment service SmartPay. With the fund, the company aims to overtake Google as the world leader in the category.
Founded in 2007 by three alumni of IIT-Kanpur, Naveen Tewari, Abhay Singhal and Amit K Gupta, InMobi, helps advertisers and developers serve up mobile ads. Currently the company has more than 332 million unique phone users and more than 47.3 billion monthly impressions. InMobi has its presence in five continents. It has offices in San Francisco, London, Bangalore, Tokyo, Nairobi and Singapore. The company is planning to increase their head count from 350 to 700 in the next 12 months.
“With a global leader like Softbank behind us, we are now well positioned to fully capitalize on the opportunity before us through substantially increased product innovation, deeper market penetration, and acquisitions across the mobile ad value chain,” says Naveen Tewari, Founder & CEO of InMobi. Recently, InMobi acquired a Silicon Valley startup 'Sprout', a platform provider for creating HTML5 rich media mobile advertising. It also has tied up with NDTV Convergence; the digital arm of media house NDTV, to deliver mobile ads on the latter's mobile applications.