True North Buys Minority Stake in IPO-Bound InMobi

Private equity firm True North has acquired a minority stake in InMobi, the Bengaluru-headquartered advertising technology company that is preparing to go public, according to a report by Inc42.

The transaction is a secondary sale, meaning existing shareholders sold part of their holdings to True North rather than the company issuing fresh capital. The exact size of the stake and the deal value were not disclosed in the report.

The purchase arrives at a consequential moment for InMobi. The company, which operates one of India's most valuable advertising technology businesses, has been working toward an initial public offering. A minority investment from an established PE player such as True North typically signals late-stage positioning ahead of a listing, as investors seek exposure to a company whose valuation will be tested in the public markets.

InMobi has built its business on mobile advertising and marketing technology. The company competes globally in a sector that has consolidated rapidly as advertisers shift budgets toward programmatic and AI-driven platforms.

True North, formerly known as India Value Fund Advisors, has a long track record of mid-market investments in Indian companies across financial services, healthcare and technology. Its decision to take a position in InMobi adds one of India's most prominent adtech names to its portfolio.

The deal also reflects broader momentum in India's IPO pipeline. Technology companies across the country have been lining up for public listings, and investor appetite for pre-IPO secondaries has strengthened accordingly. Secondary transactions allow late entrants to buy in before a listing while giving early investors and employees a path to partial liquidity.

Neither True North nor InMobi has publicly detailed the financial terms, the identity of the selling shareholders, or a firm timeline for the IPO. The Inc42 report did not specify a listing date or a target valuation.

For InMobi, the stake sale comes as the company seeks to demonstrate durable revenue growth and profitability to public-market investors. Adtech valuations have swung sharply in recent years, and Indian tech IPOs face intense scrutiny on path-to-profitability metrics.

The transaction underscores how private equity capital is increasingly targeting India's most mature startups in the window before they list. If InMobi proceeds with its offering, True North's position will convert into a publicly traded stake — and an early test of whether the market rewards the bet.