[Funding alert] Jio Platforms to invest $200M in InMobi’s Glance
Glance entered into a business partnership arrangement with Reliance Retail Ventures to provide its ‘lock screen platform’ in the JioPhone Next smartphones.
on Monday said it has agreed to raise $200 million from in its Series D round of funding. The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals.
The proposed investment by Jio is aimed at accelerating Glance’s launch in several key international markets outside of Asia such as the US, Brazil, Mexico, and Russia. Glance has also entered into a business partnership arrangement with Reliance Retail Ventures Limited, for its ‘lock screen platform’ to be integrated into the JioPhone Next smartphones.
Naveen Tewari, Founder and CEO ofGroup, said, “Mukesh Ambani has been a source of immense inspiration for me since my early days and it is an honour to have Jio becoming a strategic partner in our journey.”
He further added that “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. Jio’s investment into Glance and Glance’s presence on the lock screen of JioPhone Next smartphones will lead to a paradigm shift in how its users experience the internet.”
Glance aims to create the world’s largest live content and commerce ecosystem on the lock screen and will use the funds raised to expand globally. In addition to Jio Platforms, Glance is also backed by Google and Silicon Valley-based venture fund Mithril Capital.
Morgan Stanley acted as the exclusive financial advisor and Khaitan & Co. acted as the legal counsel to Glance. White & Case and K Law acted as the legal counsels and Ernst & Young provided accounting and tax due diligence services to Jio Platforms.
Piyush Shah, Co-founder of InMobi Group and President and COO of Glance, said, “Glance has created a disruptive lock screen-first discovery platform for live content, commerce and gaming in Asia, and we intend to scale it globally going forward.”
“Jio’s investment is a huge validation of this vision and gives us the firepower to take the innovative experience of Glance to surfaces across the world. We look forward to working with Jio to build the content, creator and commerce ecosystem of the future, together,” he added.
Speaking about its investment in Glance, Akash Ambani, Director, Jio Platforms Limited, said, “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.
This is the latest in a series of strategic partnerships between Glance and global players in the mobile ecosystem. The deal is also expected to lead to further strategic collaborations between Glance, Reliance Retail, and Jio across devices, commerce, content, and gaming ecosystem.
Glance’s lock screen platform is present on more than 400 million devices across markets in Asia. It became a unicorn in less than two years in 2020.
Edited by Saheli Sen Gupta