The Return of the First Unicorn: InMobi Secures $350M War Chest

India's first unicorn is coming home. InMobi, the ad-tech giant that put Indian startups on the global map back in 2011, has secured $350 Million (₹3,150 Cr) in financing this week.

The round, funded by Varde Partners, Elham Credit, and SeaTown Holdings, is structured as debt. But make no mistake—this isn't about survival; it's about equity consolidation. InMobi plans to use these funds to buy back shares from early investors (including potentially reducing SoftBank's stake) to streamline its cap table ahead of a massive India IPO in 2026.

The "Reverse Flip" Trend

Founder Naveen Tewari is following a playbook we've seen with PhonePe and Groww: shifting domicile back to India. Why? Because the Indian markets are hot. Tech stocks are trading at premium multiples, and domestic investors understand the "Bharat" story better than Wall Street.

InMobi isn't just an ad-network anymore. Through its subsidiary Glance (which is present on over 450 million smartphones), it owns the most valuable real estate on a phone: the lock screen.

"We are profitable, we are growing, and we are ready for the public markets. This financing allows us to optimize our shareholding structure and reward those who backed us early."
— Source close to the deal

FounderStory Takeaway

InMobi's return to the limelight is poetic. As the startup that defined "Era 1.0" of Indian Tech, its upcoming IPO will likely set the benchmark for the next decade. By leveraging debt instead of diluting equity further, Tewari is signalling confidence: the business cash flows are strong enough to pay the bills.