Jio Platforms To Invest $200 Million In Glance
Glance is an unconsolidated subsidiary of InMobi Group, the funding is part of its Series D round
Glance, an AI-driven lock-screen platform, plans to raise $200 million from Jio Platforms Limited in its Series D round of funding. The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals, said a company statement.
The proposed investment by Jio is aimed at accelerating Glance's launch in several key international markets outside of Asia such as the USA, Brazil, Mexico and Russia. The company is aiming to create the world's largest live content and commerce ecosystem on the lock screen and will use the funds to expand globally. In addition to Jio Platforms, Glance is also backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital. Glance has also entered into a business partnership arrangement with Reliance Retail Ventures Limited. The deal is also expected to lead to further strategic collaborations between Glance, Reliance Retail and Jio across devices, commerce, content and gaming ecosystem. Today, Glance's lock screen platform is present on more than 400 million devices across markets in Asia.
"Glance has grown at a phenomenal pace over the past two years and has given users a truly unique solution by unlocking the power of the lock screen for experiencing the Internet, live content, creator driven entertainment commerce and gaming. With the help of this investment, Glance expects to launch in several key markets globally as well as extend the experience to millions of Jio users, further reinforcing our commitment to provide the most advanced and next-level tech and digital ecosystem for consumers in India and beyond," said Akash Ambani, director, Jio Platforms Limited.
"Jio's investment into Glance brings a deep synergy of vision and philosophy. Jio is a truly disruptive company. It made the Internet accessible for millions of users, making India one of the largest internet markets in the world. Reliance is now disrupting the smartphone market with the launch of its JioPhone Next smartphones," said Naveen Tewari, founder and CEO of InMobi.
Founded in 2019, Glance is a consumer Internet company. It has created two digital platforms, Glance and Roposo. Headquartered in Singapore, Glance is an unconsolidated subsidiary of InMobi Group and is funded by Google and Mithril Capital, added the statement.