Ad-tech startup InMobi has secured $100 million in debt financing from MARS Growth Capital, a joint venture between MUFG and Liquidity Group.

The funds will be used to propel InMobi’s artificial intelligence (AI) development and deployment efforts forward and fund potential AI-focused acquisitions, said the company in its statement.

InMobi is eying a valuation of approximately $10 billion in an initial public offering planned for next year in India.

The firm plans to shift its domicile from Singapore to India in the coming months.

InMobi’s core ad-tech business enables third-party consumer businesses to advertise on other platforms, for which it takes a fee.

This financing round will be used to significantly deepen the company’s AI capabilities through both organic and inorganic means to deliver more immersive, personalized ways for brands to better engage with consumers beyond the standard ad unit, it added.

“We are reimagining how ads can be made truly native by driving superior engagement and outcomes for consumers, advertisers and publishers,” says Naveen Tewari, CEO of InMobi.

“We’re pleased to have the confidence and funding from MARS Growth Capital to further accelerate our growth trajectory.”

In FY23, InMobi clocked revenue of $281 million and profit of $41 million, according to news reports.