Reliance Industry Limited’s digital entity platform Jio pumps in $200 million into SoftBank-backed Inmobi’s mobile-first content platform Glance for a 17 percent stake in the company. The series D funding round is subject to the satisfaction of customary closing conditions and regulatory approvals.
The proposed deal values Glace at $ 1.8 billion. The platform, which provides mobile lock screen content, including videos and advertisements, will use the funds to double down on growth in Asia and launch in key global markets, including the US, Brazil, Mexico and Russia.
“With the help of this investment, Glance expects to launch in several key markets globally and extend the experience to millions of Jio users, reinforcing our commitment to provide advanced next-level tech and digital ecosystem for consumers in India and beyond,” Jio Platforms Director Akash Ambani said.
Glance aims to create the world’s largest live content and commerce ecosystem
Singapore-based Glance is an unconsolidated subsidiary of InMobi Group that aims to create the world’s largest live content and commerce ecosystem on the lock screen. In addition to Jio Platforms, Glance is also backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital.
The company will be integrated into the revolutionary Pragati OS, co-developed by Jio Platforms and Google, to bring live content for millions of Jio users on the lock screen.
“Jio’s investment into Glance brings a deep synergy of vision and philosophy. Reliance is now disrupting the smartphone market with its JioPhone Next smartphones. Glance’s presence on the lock screen of JioPhone Next smartphones will lead to a paradigm shift in how its users experience the internet,” Inmobi Group Founder and CEO Naveen Tiwari said.
The company claims that its lock screen platform is present on over 400 million devices across markets in Asia. Jio’s investment is a massive validation of this vision and gives us the firepower to take the innovative experience to surfaces worldwide.
“We look forward to working with Jio to build the content, creator and commerce ecosystem of the future, together,” Inmobi Group’s Co-Founder and Glance’s President and Chief Operating Officer Piyush Shah said.