True North buys $50-60 million stake in IPO-bound InMobi
Kalpana Maurya
1 Oct 2026 · 3 min read
True North has picked up a 2-3% stake in InMobi for about $50-60 million in a largely secondary deal, Mint reported, giving some early shareholders a partial exit before the adtech firm's planned Indian IPO. It is the first technology bet from the private equity firm's seventh fund.
Private equity firm True North has acquired a minority stake in Bengaluru-based adtech company InMobi worth around $50-60 million, Mint reported on 25 September 2026, citing three people familiar with the matter. The stake is about 2-3%, and the deal was mostly a secondary purchase with a small primary component.
True North declined to comment. An InMobi spokesperson told Mint the company does not comment on rumours or speculation.
Who sold
According to Mint, the shares came from early investors who had come into InMobi through its acquisitions, from employee stock options, and from a few founder-owned entities. Inc42 said the transaction gave some early backers a partial exit ahead of the listing.
Valuation details were not available because the pricing was blended across different sellers. The size of the stake is unusual for True North, which usually takes significant minority positions, Mint noted. The investment is the first technology deal from the firm's seventh fund, which it began raising in 2021 and expects to deploy about $500 million from.
The road to an IPO
InMobi is moving its domicile from Singapore to India ahead of a public issue. Reports earlier in 2026 said it had appointed JPMorgan Chase, Jefferies, Kotak Mahindra Capital and Axis Capital as merchant bankers. Reports differ on the planned size: Inc42 describes a $1 billion issue, while Mint says the company is engaging bankers for a $500 million IPO.
Ownership has shifted in recent years. In June 2025 its co-founders put in around $3.7 million, and a few months later bought back a 25-30% stake from SoftBank. In December 2025 InMobi raised $350 million from Varde Partners, Elham Credit Partners and SeaTown Holdings. Earlier in 2026 it acquired San Francisco-based app marketing and analytics platform MobileAction.
About InMobi
InMobi began in 2007 as mKhoj, an SMS-based search engine, and moved into mobile advertising in 2008. Mint lists its founders as Naveen Tewari, Mohit Saxena, Abhay Singhal, Amit Gupta and Piyush Shah. The company helps advertisers buy digital ads and helps publishers earn from their apps and websites, and also operates social commerce platform Roposo and AI-based Android lockscreen platform Glance. It has raised more than $774 million from investors including SoftBank, Sherpalo Ventures and Kleiner Perkins.
True North, which began in 1999 as India Value Fund Advisors, backs mid-sized, profitable, India-focused businesses. Its portfolio includes ACT Fibernet, Biocon Biologics and NSE, and it has raised seven funds totalling more than $3 billion including co-investments.
Key facts
- Company: InMobi
- Founders: Naveen Tewari, Mohit Saxena, Abhay Singhal, Amit Gupta, Piyush Shah
- Buyer: True North (seventh fund)
- Deal size: about $50-60 million, mostly secondary
- Stake: about 2-3%
- Sellers: early investors, employee option holders, some founder-owned entities
- IPO plan: India listing after redomiciling from Singapore
- Reported: 25 September 2026 (Mint)
Frequently asked questions
How much of InMobi did True North buy?
About 2-3%, for around $50-60 million, according to Mint's sources.
Did InMobi raise new money in this deal?
Mostly not. The transaction was largely a secondary purchase from existing shareholders, with only a small primary component.
Who founded InMobi?
Naveen Tewari, Mohit Saxena, Abhay Singhal, Amit Gupta and Piyush Shah, according to Mint. It was started in 2007 as mKhoj.
Is InMobi going public?
Yes. It is redomiciling from Singapore to India ahead of a planned IPO, for which it has appointed bankers.
