InMobi Technology Services Private Limited, reported its revenues for financial year 2019-20 as Rs 432 crore, a 12 per cent jump since the last financial year. The company further reported a net loss of Rs 77 crore during the same fiscal. This is 41 per cent increase from the last financial year, showed regulatory documents sourced from business intelligence platform Tofler. The Bengaluru-based mobile ad network’s total expenses for the fiscal were reported as Rs 508 crore.
The ‘foreign exchange earnings’ for the firm was Rs 222 crore compared to Rs 240 crore in the previous financial year. The operations of the company comprise export revenue contributing to approximately 54 per cent compared to 63 per cent in the previous financial year.
The company has a payable amount of about Rs 102 crore and receivable amount of around Rs 19 crore in ‘foreign currency outstanding’ in excess of the period specified by Reserve Bank of India (RBI), according to the documents. This is related to the import and export of goods and services. “The management is in the process of approaching the relevant regulatory authorities for condonation of the delays and the potential impact pursuant to non-compliance is not ascertainable,” according to the documents.
The firm’s financial statements have been prepared on a going concern basis, not withstanding the fact that it has net loss of Rs 77 crore during the year and a negative networth of Rs 194 crore, according to the documents. As the year ends, excluding the holding company’s (InMobi Pte Ltd, Singapore) balances, the firm’s current assets exceeded its current liabilities. The holding company undertakes to provide unconditional financial and other support to the firm for the foreseeable future and not to call for settlement of any amount that the firm owes to it.
InMobi became India’s first unicorn when it received an investment of $200 million from SoftBank in 2011. InMobi Goup now runs businesses such as area of advertising, mobile-first content platform Glance and data management platform TruFactor.
Last December, Glance, the world’s leading lock-screen platform, raised $145 million from technology giant Google and Silicon Valley billionaire Peter Thiel’s Mithril Capital, an existing investor in the company.
The new financing round helped the 18-month-old Glance to become the fastest company to reach unicorn status or a start-up valued at more than $1 billion, revealed industry sources.
Glance delivers AI-driven personalised content in multiple languages, including English, Hindi, Tamil, Telugu, and Bahasa on the lock screen of Android smartphones. With more than 115 million daily active users, who spend 25 minutes per day, Glance is one of the largest digital consumer platforms in the world.