New Delhi: Reliance Industries is investing $200 million in Glance, a lock screen content firm owned by ad-tech firm InMobi, to bring the service to new Jio smartphones this year, the companies said on Monday.
The investment by Jio is aimed at accelerating Glance’s launch in several key global markets outside of Asia such as the US, 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 raised to expand globally.
In addition to Jio Platforms, Glance is also backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital.
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The investment, made through Reliance’s Jio Platforms unit, values Glance at $1.7 billion to $1.8 billion post-money, according to a source involved in the deal.
The integration will allow Reliance’s retail businesses to advertise products directly to Jio users through Glance, a platform that delivers personalized news, entertainment content, and live videos to smartphone lock screens.
InMobi Group Founder and Chief Executive Officer Naveen Tewari said that Glance could be on ‘hundreds of millions’ of Jio phones this year.
Akash Ambani, director, Jio Platforms, said, “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.”
Piyush Shah, co-founder, InMobi Group and president and COO of Glance, “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.”
Reliance launched its Jio Phone Next on November 4 but sales figures have not been publicly disclosed.
Ambani has been steadily buying stakes in consumer internet firms and tying those services into Reliance Jio, as he looks to create a technology behemoth that incorporates connectivity, content and commerce.
“The deal is also expected to lead to further strategic collaborations between Glance, Reliance Retail, and Jio across devices, commerce, content and gaming ecosystem,” InMobi said in a statement.
Glance is available on default in 60 per cent to 65 per cent of new smartphones sold in India, thanks to tie-ups with Samsung, Xiaomi, Vivo, Oppo, and Realme, Tewari added.
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