India, Sept. 26 -- Private equity firm True North has reportedly acquired a minority stake worth around $50-60 Mn in IPO-bound adtech startup InMobi via secondary share purchases.

As per a Livemint report, True North acquired the bulk of the shares from early investors seeking a partial exit.

There was also a small primary funding component to the transaction. Inc42 has reached out to InMobi for comments on the development. The story will be updated based on the response.

The firm has acquired around 2-3%, the report said, citing sources.

Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal, InMobi provides marketing and monetisation solutions to brands, advertisers, and publishers. It also operates social co...