The corporate might elevate $100 Mn at unicorn valuation in 6 months
In the meantime, InMobi has been prepping itself as much as go public since final yr
InMobi acquired Roposo final yr to speed up Look’s attain
Cell content material platform Look, which is owned by the primary Indian unicorn InMobi and homes the short-video app Roposo, is trying to hit unicorn valuation in its upcoming funding spherical.
Naveen Tewari, founder and CEO of InMobi, mentioned, “We believe the valuation of InMobi’s B2C business is certainly beyond that of a unicorn. And in the coming fundraise, it will definitely be valued over $1 Bn; we are clear about it.”
Although Tewari declined to touch upon the fundraising, he confirmed that Look is predicted to boost funds within the subsequent six months. Sources near the matter individually informed Mint that Look might elevate as much as $100 Mn within the upcoming funding spherical.
In the meantime, its guardian firm InMobi has been getting ready itself for public listings quickly. Based by Naveen Tewari, Piyush Shah, Abhay Singhal, Mohit Saxena, and Amit Gupta in 2007, InMobi is an adtech platform. The corporate had undergone a enterprise restructuring final yr to arrange three subsidiaries — InMobi UMC, TruFactor and Look.
“Each of these businesses is a multibillion-dollar opportunity. We are now at a stage where restructuring these businesses as independent companies gives them the autonomy that they need to execute their own strategy,” Tiwari had beforehand added.
Look has been within the works since 2015 and trials started in 2018. It brings synthetic intelligence-driven, personalised content material to display screen zero of smartphones. Each time a consumer wakes up their cellphone, their lock display screen comes alive with new visible and interactive content material that’s personalised for them.
InMobi had additionally acquired video leisure app Roposo in November 2019 to broaden Look’s vernacular content material. Look and Roposo collectively have greater than 100 Mn each day lively customers in India that spend over 30 minutes on the platform.
Final September, Look had raised $45 Mn from Mithril Capital, which is an Austin-based Mithril Capital is a growth-stage funding agency cofounded by Silicon Valley buyers Ajay Royan and Peter Thiel. With this funding, Ajay Royan from Mithril Capital joined the board of the corporate.
The corporate was planning to make use of to broaden into Southeast Asia, and launch a number of new platforms, together with Look TV – a mobile-first, short-form video platform; Look Gaming – a vacation spot for informal avid gamers; Look Buying, the place content material meets commerce; and Look Close by – a hyperlocal experiential platform.
Through the Covid-19 pandemic and resultant restrictions, the corporate added Covid-19 insurance coverage, gaming and different such choices to speed up the platforms’ progress. At current, the corporate claims to have almost 25 Mn month-to-month lively customers in its gaming providing.