Mobile advertisement company InMobi today said it had received $200 million (about Rs 951 crore) investment from internet company Softbank that will help the company to expand operations.
The funding will take place in two tranches -- $100 million in September 2011, followed by an equivalent tranche in April 2012, InMobi said in a statement.
"The size of the investment and quality of investor validate the enormous potential in mobile today and strengthen our role in helping the industry evolve," InMobi CEO Naveen Tiwari said.
Softbank is an internet company that aims to provide a range of services, including mobile communications, broadband infrastructure, fixed-line telecommunications, and internet.
With this investment, the total corpus stands at $215 million, which the company wants to use for acquisition, hiring and R&D.
On hiring plan, Tiwari said, "The company currently has 350 employees, and hopes to reach a haedcount of 1,000 by this year-end."
This partnership will provide Softbank and InMobi with opportunities to further explore global scale collaboration in the fast growing mobile ad market.
The company provides advertisers, publishers and developers with a uniquely global solution for advertising.
The company recently acquired Sprout that will help expand InMobi's offering to creative agencies and brands.
