True North Picks Up 2–3% Minority Stake in IPO-Bound InMobi for ~$50–60M

True North has acquired a 2–3% minority stake in adtech unicorn InMobi for approximately $50–60 million (roughly ₹420–500 crore), according to reports from September 25–26, 2026. The deal was structured mostly as secondary share purchases — from early investors, ESOP holders and some founder-owned entities — with a small primary component.

It is the first technology investment from True North's 7th fund, a notable deployment signal for a fund historically weighted toward other sectors.

The transaction is tightly linked to InMobi's IPO plans. The adtech company is preparing an Indian IPO and has appointed JPMorgan, Jefferies, Kotak Mahindra Capital and Axis Capital to the deal. The reported issue size is $500M–$1Bn at a valuation band of $5–6 Bn — a markdown from the earlier $8–10 Bn band. InMobi is also redomiciling from Singapore to India, and last raised $350M in December 2025.

Pre-IPO secondaries like this are becoming the standard price-discovery mechanism for India's IPO-bound unicorns — a live auction of expectations ahead of the listing.

The deal marks a milestone for True North: the first technology investment from its 7th fund, signalling renewed PE appetite for Indian adtech at scale. The secondary-heavy structure — buying out early investors, ESOP holders and some founder-owned entities — offered entry without waiting for the listing, while the small primary component adds fresh capital to InMobi’s balance sheet.

The valuation context is telling: the $5–6 Bn band sits well below the earlier $8–10 Bn range, reflecting the more sober pricing environment of 2026. Combined with InMobi’s Singapore-to-India redomiciling and the $350M raise in December 2025, the stage is set for one of the year’s most-watched tech IPOs.