Softbank's InMobi Exit, OneCard Under Scanner, and Zepto’s IPO Dreams

InMobi was once India’s original unicorn fairy tale, the first to hit a billion-dollar valuation in 2011, long before Flipkart and Paytm made it fashionable. Global investors cheered. SoftBank wrote a big cheque. And everyone assumed India had found its poster child for ad-tech domination. Fourteen years later, the story is still unfolding, but the energy has changed. The recent move where founder Naveen Tewari bought back SoftBank’s entire stake isn’t a triumphant exit story - it’s a sign of a company that has to rewrite its narrative before going public.

SoftBank invested in InMobi around 2011 at roughly a $1B valuation, and after more than a decade… the suggested exit multiple is barely 1.2x - 1.4x. In VC math, 14 years for a low multiple is essentially a zero. For SoftBank, this isn’t a win - it’s closure. Their India portfolio has had enough disappointments, and this allows them to quietly clean up their books. It’s a polite handshake, not applause.

But here’s the twist: the founder buying it back is still a big deal. This is one of the rare cases where a global megafund leaves and the founder gets more control, and not the other way around. Tewari now owns a much larger share of the company, which might be crucial if InMobi wants to step into the public markets without investors dictating terms. But founder-led ownership comes with its own baggage. Reports suggest this buyback involved over ₹1,200 crore equivalent in financing tied up across entities, which means fresh debt pressure sits at the top table. More control, yes - but more liability too.

And there are deeper questions. InMobi today is not a single engine rocket - it’s three businesses strapped together, each with very different stories. The core ad-tech unit has stable revenue but is operating in a duopoly world: Google and Meta eat over 70% of global digital ad spend, leaving the scraps for everyone else.

Then there is Glance - the lock-screen content business that once had 400M+ users and was projected to be InMobi’s IPO card. The hype cooled fast. Lock screens don’t create loyalty; they create passive views. Monetization was slower than promised. A US launch that once sounded bold now looks paused. JioTV and other content aggregators are fighting for the same real estate. Investors have started asking: where’s the revenue? Where’s the LTV? Where’s the moat?

And lastly, TruFactor - the data platform searching for its Product-Market Fit. When your most profitable division is your earliest business, and the newer bets are still searching for scale, the IPO narrative becomes harder to sell.

So the cap table cleanup is smart - absolutely. It improves optics. It resets expectations. It clears out a global investor whose patience has already expired. But public markets aren’t fooled by clean structures - they want clean execution. They want profitability that doesn’t wobble. They want a moat that isn’t only about “not Google and not Meta.”

If InMobi does list and does well - it will help rewrite the story of Indian founders taking command of their companies again. That’s worth rooting for. But let’s not mistake this transaction for a victory lap. Not yet.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Kar Chale Hum Vida”: Z47 Exits EV Maker Ola Electric

Z47 has quietly stepped back from Ola Electric, offloading its remaining 1.93% stake held through Matrix Partners India as the Bhavish Aggarwal-led EV maker navigates a tough quarter.

The move hints at more secondary stake sales across Z47’s India portfolio, spanning Razorpay, OfBusiness, and Practo, even as Ola Electric reported a 15% narrowing of its net loss to INR 418 Cr in Q2 FY26, offering only a modest respite in an otherwise somber phase for the company.

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“Bhaari Blunder Ho Gayil Ba”: OneCard Under RBI Scanner, New Card Issuance Suspended Across Banks

Fintech unicorn OneCard has hit a regulatory speed bump, with the RBI reportedly asking all partner banks to halt new co-branded card issuances as it seeks clearer answers on how customer data is shared between the startup and its lenders.

This comes on the heels of a broader crackdown on co-branded credit cards over the past year. The pause feels less like a surprise and more like the latest chapter in the regulator’s tightening grip on the fast-moving fintech space.

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“Jung Ki Tayyari”: Zepto Turns Into A Public Entity, Eyes June 2026 IPO

Zepto has officially flipped into a public entity after a board nod on November 21, marking the first real step toward its long-anticipated IPO. The company is expected to file its DRHP with SEBI later this month, aiming to hit the public markets by June 2026.

With a fresh issue of $450-$500 Mn and an OFS from early backers in the works, Zepto’s quick-commerce sprint now seems headed straight for the bourses.

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“Tananshahi Nahi Chalegi”: AAP MP Raghav Chadha Demands Ban On 10-Min Deliveries

AAP MP Raghav Chadha has called for a ban on 10-minute deliveries, arguing that impossible time targets, customer harassment and unsafe conditions are putting gig workers at real risk.

He reminded Parliament that the billion-dollar quick-commerce boom stands on the backs of these workers, who often get the least protection. And with Morgan Stanley estimating nine-figure annual cost hits for Zomato and Swiggy if safety norms tighten, the debate is only getting louder.

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1. AceVector, the parent of Snapdeal, has filed its updated DRHP, outlining plans to raise INR 300 Cr through a fresh issue alongside an OFS of up to 6.39 Cr shares. The funds will help power Snapdeal’s marketing push, strengthen its tech stack, and support acquisition-led growth as it moves closer to its long-awaited IPO.

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2. Wakefit has secured INR 580 Cr from 33 anchor investors, with domestic mutual funds snapping up over half the allocation at the upper price band of INR 195. The strong anchor response sets the stage for its IPO, which includes a INR 377.2 Cr fresh issue and a 4.68 Cr-share OFS.

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