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InMobi raises $100 million in new debt from Tennenbaum Capital Partners

Mobile ad tech company InMobi has raised
$100 million in new debt from a group of lenders by US-based Tennenbaum Capital
Partners, iamwire.com said in a
report.

 

In total, InMobi has received around $60
million, of which $40 million has been used to clear the debt raised last year
from Hercules Technology Growth Capital (HTGC), said a source closely involved
with the deal.

 

Mobile ad tech company InMobi has raised
$100 million in new debt from a group of lenders by US-based Tennenbaum Capital
Partners, iamwire.com said in a
report.

 

In total, InMobi has received around $60
million, of which $40 million has been used to clear the debt raised last year
from Hercules Technology Growth Capital (HTGC), said a source closely involved
with the deal.

 

In August, InMobi launched its discovery
commerce in India
with the Miip platform. “Ads today have forgotten the protagonist of the
story – the user. With Miip, we will put the user ahead of everyone else and
deliver a consistent, personalized, and content-rich experience that users will
fall in love with,” founder and CEO Naveen Tewari had said at its launch
in San Francisco.

 

The company has also entered into a partnership
with APUS Group of China
to expand its global footprints. According to the deal, InMobi will share its
expertise to help APUS establish a larger footprint in India, enabling
an increased user base and market share.

 

In return, APUS will engage in a
monetization partnership with InMobi that will result in the latter gaining
access to more than 200 million additional users across the APUS user system.

 

Having established a strong foothold in India,
InMobi clearly wants to spread its tentacles across the international space.

 

“We already have massive credit lines
and they continue to increase as our business scales and metrics improve. The
only way you can increase your debt facility is if you’re doing good on all
fronts. Like Miip, we have seven more innovations happening. They’ve been in
the works for two years and over the next 12 months, we will launch one after
another,” Tewari said.

 

However, InMobi will have its task cut out
in India, where ad tech is
not yet a very lucrative market yet, unlike countries like the US. Digital
advertising accounts for only 10% of the overall ad expenditure in India.

 

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