India’s first unicorn sets sights on IPO after returning home

India’s first unicorn sets sights on IPO after returning home is profiled by BTW Media because published evidence links it to internet infrastructure, governance, operational dependencies, or market visibility.

• InMobi planned an IPO in India in 2025 and will relocate its headquarters from Singapore to capitalise on India’s a booming stock market.
• The move followed a trend of Indian tech companies returning from overseas, encouraged by strong local market performance and investor interest.

OUR TAKE
InMobi, a Mumbai-based mobile advertising company, is targeting an IPO in India in the second half of 2025, following its strategic decision to move its headquarters back to India from Singapore earlier this year. The move, spearheaded by founder Naveen Tewari, aims to take advantage of India’s robust economic growth and favourable stock market conditions, and reflects a wider trend among Indian tech companies to return to and invest in the local market. The shift from considering a US listing to focusing on India is driven by positive market dynamics and complex regulatory environments abroad. It is also a testament to the growing attractiveness of the Indian market as a hub for tech innovation and investment, which bodes well for the country’s tech ecosystem.
Heidi Luo, BTW reporter

What happened

InMobi, a leading mobile advertising company originally founded in Mumbai, has announced its plans for an initial public offering (IPO) in India, scheduled for the second half of 2025. The company founded in 2007 by Naveen Tewari, will move its corporate headquarters back to India from Singapore in early 2025 in preparation for the IPO and to align its operations with India’s fast-growing economy.

The decision to move its headquarters and list in India follows a rapid economic growth and strong stock market performance. InMobi aims to capitalise on these favourable conditions and sees this as an opportunity to enhance its growth prospects within the booming technology landscape.

The move is a reversal of the company’s earlier consideration of a US listing, which was postponed due to volatile market conditions and a complex regulatory environment.

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Why it’s important

InMobi is taking direct advantage of India’s robust economic growth and strong stock market performance by moving its headquarters to India and planning an IPO there. India’s Nifty 50 index, for example, has grown significantly, rising 13% this year alone, outperforming many other regional benchmarks.

This has encouraged a number of Indian technology companies, which had been based in more business-friendly regions such as Singapore, to return home. Peak XV Partners-backed digital payments provider Pine Labs recently moved to India from Singapore and is considering raising about $1 billion in an IPO.

“The opportunity in India from a global investor lens is significantly more now. And then you have retail investors who are clearly leveraging the capital markets, especially to participate in technology stocks,” Chief Executive Officer Naveen Tewari said.

In addition, India’s stock market capitalisation overtook Hong Kong’s for the first time in January, helped by the South Asian nation’s growth prospects and policy reforms, as well as a retreat of global capital from China, according to Bloomberg.