Advt & marketing services provider Mobavenue AI Tech to raise Rs.100-Cr from Pipal Capital, others

Mobavenue AI Tech , a Mumbai-based publicly listed AI-based advertising and marketing services company (formerly known as Lucent Industries), has raised INR 100 crore (approximately USD 12 million) through a preferential issue of 9.19 lakh equity shares. The funding, priced at INR 1,088 per share, was raised from Pipal Capital Management, Aman Shivraj Agro Industries, Amit Mishra, and MJ Construction.About 75% of the capital will be used for acquisitions and investments to expand Mobavenue's portfolio and accelerate revenue growth. The rest of the funds are earmarked for expansion, technological advancements, deepening AI and data intelligence capabilities, and driving global expansion across North and South America, the UK, the EU and East Asia.