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InMobi receives $200 mn funding from Softbank Corp

16-September-2011
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InMobi receives $200 mn funding from Softbank Corp

Bangalore-based mobile ad network, InMobi, has received a $200 million investment early this week from internet company Softbank Corp. The funding by Softbank Corp will take place in two parts – the first tranche of $100 million has been given in September 2011, while the second tranche of $100 million will be released in April 2012.

InMobi is already working with investors such as Kleiner, Perkins, Caufield & Byers and Sherpalo Ventures.

The funding will help the company create value across the mobile ecosystem globally through advertising, mobile payments using SmartPay and HTML5 rich media production and distribution using the recently acquired Sprout platform.

Talking about the investment in an official commique, Naveen Tewari, Founder & CEO of InMobi, said, “The size of the investment and quality of investor validate the enormous potential in mobile today and strengthen our role in helping the industry evolve. We have already established ourselves as a leader in mobile advertising on every continent. This is just the beginning. 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.”

Commenting on the investment, Masayoshi Son, Chairman and CEO, Softbank, said, “I am delighted at this opportunity to partner with InMobi, one the world’s largest mobile ad networks. I hope the partnership with InMobi, a fast-growing startup with significant mobile expertise and an outstanding technology platform; will further accelerate the pace of development in the mobile Internet space globally. We believe this partnership will help Softbank become the No. 1 Internet company in Asia and I look forward to working with the InMobi team.”

This partnership will provide Softbank and InMobi with opportunities to further explore global scale collaboration in the fast growing mobile ad market. It is also expected to generate further synergies between InMobi and Softbank, given the significant number of prominent Asian Internet companies in Softbank’s investment portfolio.

John Doerr, Managing Partner, Kleiner Perkins Caufield & Byers, added, “InMobi is a rapidly growing company in one of the most explosive technology sectors. InMobi delivers extraordinary value to publishers and advertisers globally. They are a leader in the mobile advertising revolution.”

Ram Shriram, Founder of Sherpalo Ventures, added here, “InMobi joins a select set of companies globally that have achieved massive scale in a short period of time. This investment is a strong validation of the mobile opportunity across the globe and InMobi’s ability to exploit to its full potential. Mobile and Smart Phones are changing the world for consumers, businesses, advertisers and publishers.”
 

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