Mumbai-based AI startup Mobavenue Datalabs has received board approval to raise approximately INR 100 crore through a preferential allotment of 9.19 lakh equity shares.
According to a filing on November 21, the board approved issuing shares via a preferential private placement to non-promoter investors at INR 1,088 per share. Among the 10 investors receiving the allotted shares are Pipal Capital Management, Aman Shivraj Agro Industries, Amit Mishra, and MJ Construction.
Following the announcement on Friday, Mobavenue Datalabs’ shares rose 5%, closing at INR 993.05 on the BSE. On Monday, November 24, the stock surged 5% intraday to INR 1,094.80 and settled at INR 1,055 by the close of trading.
In its filing, Mobavenue Datalabs said it will use 75% of the new funds for strategic acquisitions and investments. These moves are aligned with the company’s long-term goals and aim to expand its portfolio and drive revenue growth.
The company plans to allocate 15% of the funds for growth initiatives and technology upgrades ensuring its platforms and products stay competitive and innovative.
The remaining funds will be used for general corporate purposes. Overall, the capital will help Mobavenue strengthen its AI and data capabilities, enhance operations, and grow both domestically and internationally.
“The INR 100 Cr infusion will empower us to accelerate our technology roadmap, strengthen our AI-led product ecosystem, and expand our presence across key global markets. We also intend to explore selective, strategic acquisitions that enhance our capabilities and align with our long-term mission,” said Ishank Joshi, MD and CEO of Mobavenue.
Mobavenue, a bootstrapped company founded in 2017 by Joshi, Tejas Rathod, and Kunal Kothari, helps digital-first brands advertise beyond closed technology ecosystems.
The company uses proprietary technology to deliver integrated and measurable advertising results. With core teams operating efficiently in India, Mobavenue plans to expand globally over the next three years to regions including North and South America, the UK, EU, East Asia, and LATAM, supported by local hires.
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