02 December, 2014

InMobi raises $5 million from SoftBank

Mobile ad network InMobi has raised $5 million (Rs 31 crore) from its high-profile investor SoftBank, with the Japanese company promising another $25 million if new investors come on board.The focus for the Bangalore-based company is to become profitable to attract new investors, as it also aims to make an initial public offering in the next two years. 

The seven-year-old company, which started as mobile-search engine mKhoj, now has an outreach to 872 million unique devices around the world. Earlier InMobi had raised $15.1 million from Kleiner Perkins Caufield & Byers and Ram Shriram's Sherpalo Ventures in two rounds in 2008 and 2010. SoftBank followed that up with a $200 million round in 2011.

Over the last three years, the company has evolved to better target its ads in different formats such as banner, video and native. Over the past few months it has also rolled out a slew of products aimed at engaging deeply with developers and advertisers alike. 

I believe this funding is not much, but having a brand such as Softbank affiliated surely helps them gain prominence across markets not to forget the valuation. Good luck InMobi