IPO-bound marketing cloud co. InMobi secures $350-M from Varde, Elham, Seatown

IPO-bound, Bengaluru-headquartered InMobi Technologies , the SoftBank-backed mobile advertising and consumer technology company, has raised USD 350 million (about INR 3,150 crore) in new financing from Varde Partners, Elham Credit Partners and SeaTown Holdings.The USD-denominated loan package is structured across two tranches - a USD 200 million facility at the operating company level and a USD 150 million facility at the holding company level. Both are secured against the founders' stake. The debt is priced at 13-14%.A large part of the proceeds is being deployed to fund a share buyback from existing investors, primarily SoftBank and other private equity shareholders. SoftBank currently holds around 31% in the company.The loan is coming ahead of the firm’s planned initial public offering next year, through which the company is looking to raise USD 1 Billion.