What began less than a decade ago as a small digital marketing agency has evolved into an AI-powered advertising and consumer-growth technology company with ambitions that extend well beyond India. Mobavenue AI Tech Ltd, formerly known as Lucent Industries Ltd, has been steadily transforming itself from an agency-led business into a technology platform that helps brands acquire, engage and retain consumers across digital channels.
Founded in 2010 as Lucent Industries, an education-focused enterprise, the company has evolved into Mobavenue, an AI-native advertising technology company redefining how digital advertising is planned, delivered and measured. It combines proprietary technology, artificial intelligence and data science to develop intelligent platforms that power measurable outcomes across the digital advertising ecosystem.
“Mobavenue has today emerged as a global AI-powered AdTech and consumer-growth company that enables businesses, enterprises, publishers and large global agencies to connect with high-intent consumers and drive measurable outcomes across the full customer journey. Our proprietary A³ framework, spanning Awareness, Acquisition and Activation, ensures a full-funnel, outcome-led approach to digital growth. In fact, we are creating an AI-native consumer-growth platform that enables businesses to achieve quantifiable outcomes in an increasingly connected digital ecosystem,” says Ishank Joshi, Founder, Managing Director & CEO.
Headquartered in Mumbai with a growing global presence across 12 countries in Southeast Asia, MENA, LATAM, the UK and the US, Mobavenue works with more than 150 brands across e-commerce, BFSI, fintech, travel, OTT, gaming, healthcare and retail, ranging from publicly listed enterprises to some of the fastest-growing digital businesses in the market. Its client portfolio includes brands such as Goibibo, Snabbit, Sebamed, ASUS, MakeMyTrip, Meesho, Groww, Kotak, UNIQLO and boAt.
At the core is the GMP 360 stack, a unified platform integrating data, AI-led decision-making and programmatic execution across mobile, video, Connected TV, web, OEM and DOOH, enabling real-time intelligence and consistent outcomes at scale.
The transformation is beginning to show up in the company’s financial performance. Mobavenue, listed on the BSE and NSE, reported revenue from operations of around Rs218 crore for FY26, compared with Rs87.15 crore in the previous year, while PAT increased to Rs29.35 crore from Rs9.66 crore. The momentum has continued into FY27. In Q1 FY27, revenue from operations reached around Rs73 crore, up nearly 57 per cent year on year, while PAT almost doubled to around Rs11.7 crore. The company delivered 14.16 million consumer actions during the quarter, and its global reach expanded to about 2.6 billion devices.
For Joshi, the numbers reflect the scale of a transformation that began several years ago. “When we started, we were operating at a much smaller scale. Today, the volumes are significantly higher, and we continue to see strong growth,” he says.
The beginnings
Mobavenue traces its origins to 2017, when entrepreneurs Kunal Kothari and Tejas Rathod founded the company with a focus on helping brands drive digital growth. The business initially operated as a digital advertising and technology venture before evolving into a broader AdTech and consumer-growth platform, building its own programmatic and AI-led products. Ishank Joshi, who had already built and co-founded ventures in advertising and fintech, joined as a co-founder and took charge as Managing Director & CEO in 2020.
The company remained bootstrapped and profitable as it expanded its technology and customer base. Its evolution culminated in 2025, when Mobavenue AI became a publicly listed company following the acquisition of the business by the listed entity formerly known as Lucent Industries. The company subsequently adopted the name Mobavenue AI Tech Ltd.
The founding team continues to be closely involved in the business. Kothari is Chairman & COO, overseeing operations and product-led growth; Rathod is CTO, leading technology and innovation; while Joshi is MD & CEO, responsible for overall growth, strategy and expansion. The three founders have backgrounds spanning technology, digital advertising, fintech and entrepreneurship.
The Mobavenue operating business was founded in 2017 as a digital marketing agency focused on helping businesses acquire users through performance marketing. The founders saw that the bigger opportunity lay in building technology rather than remaining a services business. As digital commerce expanded, brands increasingly wanted to identify high-intent consumers, optimise campaigns in real time and measure actual business outcomes.
“Initially, we focused on helping digital brands acquire users and first-time customers through performance marketing. As we grew, we wanted to build a technology platform rather than remain an agency,” says Joshi, a BTech graduate in Electronics and Communication with more than 16 years of experience in B2B and technology-platform sales. Before joining Mobavenue as a co-founder in 2020, he co-founded and scaled Goals101, which was subsequently acquired by M2P Fintech. He has also backed more than 40 start-ups across India and Asia as an angel investor. His career trajectory broadly mirrors Mobavenue’s evolution: from entrepreneurship and digital businesses to building technology-led platforms at scale.
The company began developing its own platform around 2018-19, and Joshi’s arrival in 2020 accelerated the transition. “When I joined in 2020, we completely shifted our approach from being an agency-led business to a platform- and technology-led company.” That shift is reflected in the company’s current positioning. Mobavenue describes itself as a digital-first, AI-native technology company that combines programmatic advertising, data intelligence and performance marketing to help businesses acquire, engage and retain consumers.
The company’s business revolves around the consumer journey: from discovering potential customers to acquiring and retaining them. Its A³ framework – Awareness, Acquisition and Activation – provides the broad architecture. The company helps brands identify relevant audiences, acquire users and subsequently drive engagement and repeat transactions.
Integrated reach
Its flagship GMP 360 platform brings together multiple proprietary technologies covering programmatic advertising, audience intelligence, user acquisition, re-engagement and omnichannel media. Its platforms operate across mobile, web, video, Connected TV, OTT, digital out-of-home and other emerging formats. The proposition is particularly relevant for businesses where customer acquisition and retention are central to growth.
The outcome-oriented approach is reflected in Mobavenue’s Outcomes-as-a-Service business model, where revenue is linked to measurable results generated for clients. In FY26, the company delivered 42.72 million outcomes, while direct advertisers accounted for 73.9 per cent of revenue.
During FY26, India accounted for 88.5 per cent of revenue, while international markets contributed 11.5 per cent. The company has been steadily building its overseas business, particularly in the UK, Southeast Asia and Latin America.
Rather than simply exporting its agency model, Mobavenue is attempting to take the technology platform it developed in India into markets where digital commerce and advertising are expanding.
“We believe our experience in India gives us an advantage because India has been one of the fastest-growing digital markets,” says Joshi. “The technology and infrastructure we have built here can be adapted to other markets.”
One of the company’s key advantages is the breadth of its proprietary technology stack. Rather than relying on a single advertising product, Mobavenue has developed platforms for different stages and formats of the consumer journey.
Its programmatic platforms allow advertisers to automate media buying and audience targeting, while its re-engagement capabilities focus on bringing existing users back into the consumer funnel. The company has also developed solutions for omnichannel advertising, audience discovery and data intelligence.
This architecture is becoming increasingly important as advertisers move away from relying on individual digital platforms and seek a more unified view of their customers. Mobavenue’s objective is to allow brands to manage campaigns across multiple environments while using a common layer of data and intelligence.
The integration of Mobavenue Media during FY26 strengthened this proposition by bringing together its advertising and consumer-growth capabilities. The company can consequently position itself not simply as a campaign execution partner but as a broader technology platform spanning awareness, acquisition and activation. That also creates opportunities for cross-selling.
The next phase of Mobavenue’s evolution is increasingly being shaped by AI. During FY26, the company transitioned its core decision-making infrastructure to a proprietary neural-network modelling framework. Its AI infrastructure now processes more than 125 crore consented and privacy-compliant consumer and campaign signals every day, with real-time decision-making in under 15 milliseconds.
The technology is designed to make decisions around audience selection, bidding, inventory, campaign optimisation and fraud detection at high speed. The company is also developing AI-led campaign planning, audience and inventory recommendations, and automated reporting.
Mobavenue’s ambition is to make AI an integral part of its advertising infrastructure rather than simply add AI features to existing products. The company is investing through its AI Centre of Excellence and AI Labs while expanding into areas such as Connected TV, retail media, digital out-of-home and creative optimisation.
The expansion into these formats reflects a broader change in the advertising market. Consumer attention is increasingly spread across smartphones, OTT platforms, Connected TV, social commerce, gaming, retail platforms and other digital environments. Mobavenue wants its technology to operate across this fragmented ecosystem.
“We are closely watching new digital commerce and advertising formats, including social commerce, video and live-streaming-led commerce,” Joshi says. “Consumer behaviour is changing rapidly, and businesses need technology that can help them reach consumers across these new channels.”
Omnichannel push
This gives the company an opportunity to move beyond conventional mobile performance advertising and build a broader omnichannel consumer-growth platform.
The company’s focus on first-party and privacy-compliant data is also becoming increasingly relevant as the digital advertising industry moves away from third-party identifiers. Its ability to process large volumes of consented signals and combine them with machine-learning models could become an important part of its proposition as advertisers seek more privacy-conscious ways of targeting audiences.
For the company, FY26 was a year of transformation, not only in terms of its financial performance but also in terms of the structural changes within the business. Mobavenue completed the integration of Mobavenue Media, bringing its advertising and consumer-growth businesses together. The listed company also changed its name from Lucent Industries to Mobavenue AI Tech, aligning its corporate identity with the operating business.
The company raised around Rs50 crore through a preferential issue, providing capital for technology investments, expansion and potential acquisitions. At the end of FY26, it had cash and cash equivalents of around Rs40 crore and relatively modest borrowings. The combination of rising revenue, improving margins and a stronger balance sheet gives Mobavenue room to continue investing in technology and overseas expansion.
Going ahead, international expansion is likely to become one of the more important contributors to Mobavenue’s next phase of growth. The company has already established operations in markets including the UK, Singapore, the Philippines, the US and Latin America, and is evaluating additional markets. The strategy is not to replicate India’s advertising market market-for-market, but to use the technology and operating experience developed in India to address similar consumer-acquisition problems elsewhere.
This could also improve the company’s revenue mix over time. International revenue represented only 11.5 per cent of FY26 revenue, leaving considerable headroom if Mobavenue succeeds in scaling its overseas operations.
The company now wants to build on this base through its Mission 2030 strategy, which focuses on international expansion, AI and product development, deeper enterprise relationships and selective acquisitions. The opportunity is significant. Advertisers are increasingly demanding measurable outcomes, while AI is changing how consumers discover products and how brands reach them. At the same time, the advertising ecosystem is becoming more fragmented across platforms and devices.
Mobavenue’s proposition is to sit at the intersection of these changes: using AI, data and programmatic technology to help brands identify consumers, acquire them and improve their lifetime value.
At a glance
Mobavenue is a digital-first, AI-powered AdTech and consumer-growth technology company that helps businesses acquire, engage and retain customers.
The company combines advertising, marketing technology, data intelligence and media execution to help brands achieve measurable business outcomes across the consumer journey.
Its technology uses AI-led decision-making, programmatic media and data intelligence to identify high-intent audiences and optimise campaigns in real time.
Its GMP 360 stack brings together data, AI-led decision-making and programmatic execution across mobile, video, Connected TV, web, OEM and digital out-of-home platforms.
Mobavenue works with brands and enterprises across e-commerce, BFSI, fintech, travel, OTT, gaming, healthcare and retail.
It serves more than 150 brands across 10 countries, with operations expanding across Southeast Asia, MENA, LATAM, the UK and the US.
Its AI infrastructure processes more than 125 crore data signals daily, enabling real-time audience intelligence and decision-making.