Mumbai, Sept. 25 -- True North has picked up a stake in initial public offering (IPO)-bound InMobi in a largely secondary transaction, three people familiar with the matter said. The investment is the first technology sector bet from the private equity firm's seventh fund.

"The investment firm has acquired stakes worth $50-60 million from some early investors, who came in through InMobi's acquisitions, employee stock options and a few founder-owned entities," the first person said.

"There was likely a small primary component, although the bulk of the round was a secondary share sale," the second person said.

The third person said True North has picked up a 2-3% stake in the company-an unusual bet for the private equity firm, which typi...