India's Tech IPO Boom: Why InMobi and OfBusiness Signal a High-Growth Opportunity in 2025

India's capital markets have emerged as a global powerhouse in 2025, defying macroeconomic headwinds and outperforming peers with a 25% average return on mainboard IPOs—a stark contrast to the Nifty 50's 6.2% gain. At the heart of this boom are tech startups like InMobi and OfBusiness, both backed by SoftBank, which are leveraging India's investor-friendly environment to fuel their public market debuts. These listings are not just financial milestones but strategic masterstrokes that reflect the nation's evolving economic narrative.

A Structural Shift in India's IPO Landscape

The Indian IPO market raised INR 1,630 billion in 2025, more than double the previous year's total. This surge is driven by a confluence of factors: retail investor enthusiasm (with IPO subscriptions often exceeding 100x), rationalized valuations post-2024's PE/VC-backed exits, and a regulatory framework that now prioritizes transparency. Smaller IPOs (under INR 2 billion) have outperformed larger ones, averaging 37% listing-day gains, signaling a market that favors agility and innovation over sheer scale.

SoftBank-backed unicorns are capitalizing on this momentum. InMobi, a mobile advertising leader, is relocating its corporate base from Singapore to India to align with the domestic IPO frenzy. CEO Naveen Tewari argues that India's market now rivals the U.S. S&P 500's tech dominance, a bold claim given the Nifty 50's 13% year-to-date gain versus the MSCI Asia Pacific's 4.5%. This shift underscores a broader trend: Indian startups are abandoning Singapore's stagnant IPO market to tap into a homegrown ecosystem that values growth and scalability.

Strategic Advantages of InMobi and OfBusiness

InMobi's relocation isn't just symbolic—it's a calculated move to access India's deepening capital pool and retail investor base. The company, which has generated $268 million in annual revenue and maintained profitability, is positioning itself as a beneficiary of India's mobile-first digital economy. Its potential $10 billion valuation (if realized) would hinge on its ability to scale in a market where smartphone penetration is projected to hit 70% by 2026.

Meanwhile, OfBusiness is taking a different but equally compelling path. The B2B e-commerce platform is set to raise $1 billion via an IPO in the second half of 2025, targeting a $6–$9 billion valuation. Its integrated model—combining raw material procurement, embedded financing (via its NBFC Oxyzo), and SaaS tools for SMEs—creates a flywheel effect. In FY24, OfBusiness reported a $72.6 million net profit on $2.3 billion in revenue, with EBITDA margins at 7.2%. These metrics, rare among Indian unicorns, make it a standout candidate for investor scrutiny.

SoftBank's Role and the Global Investor Angle

SoftBank's Vision Fund, which has poured over $800 million into OfBusiness, is a key player in this narrative. The firm's 15% stake in OfBusiness, alongside Tiger Global and Alpha Wave Global, signals confidence in India's B2B sector. SoftBank's broader India portfolio—spanning Ola Electric, Swiggy, and now OfBusiness—has seen mixed exits but remains bullish on the market's long-term potential.

For foreign investors, India's IPO market offers a unique arbitrage. While FPIs have seen net outflows in secondary markets, they've remained net buyers in primary offerings, where valuations appear more attractive. OfBusiness's IPO, for example, plans to allocate $200 million to new shares and $800 million via an Offer for Sale (OFS), a structure that balances liquidity with price stability. This approach could attract global funds seeking exposure to India's next generation of tech leaders.

Why This Matters for Investors

The IPOs of InMobi and OfBusiness are emblematic of a larger trend: India's transition from a “market of opportunity” to a “market of execution.” Unlike past cycles, where unicorns relied on private capital for liquidity, today's startups are proving their scalability and profitability before going public. This shift reduces downside risk for investors and aligns with global trends favoring EBITDA-positive tech companies.

For those looking to capitalize, the timing is critical. India's IPO pipeline includes over 75 companies in 2025, with tech firms accounting for 40% of the total. The key is to prioritize businesses with recurring revenue models, strong EBITDA margins, and clear unit economics—OfBusiness checks all three boxes. InMobi, while still unlisted, offers exposure to India's mobile advertising boom, a sector growing at 18% annually.

Conclusion: A Strategic Bet on India's Digital Future

India's tech IPO boom is more than a market cycle—it's a structural shift driven by policy reforms, retail participation, and a generation of startups that have mastered the art of profitability. InMobi and OfBusiness, with their strategic relocations and robust financials, are leading the charge. For investors, the lesson is clear: those who ignore India's IPO market today may miss the next decade's defining growth story.

Investment Advice: Consider allocating to IPOs of SoftBank-backed Indian tech firms with clear EBITDA visibility, such as OfBusiness, and track InMobi's pre-IPO filings for valuation clues. Diversify across sectors—telecom, fintech, and B2B—to hedge against sector-specific risks. With the Nifty 50 on a 13% upward trajectory and IPO valuations appearing more rational, 2025 is shaping up to be a pivotal year for India's capital markets.