Reliance Jio picks up 17% stake in InMobi’s Glance

Reliance Industries’ digital unit Jio Platforms has agreed to invest $200 million (~Rs 1,500 crore) in Google-backed AI-driven lock-screen platform Glance’s Series D round of funding. Jio will acquire a 17 percent stake in the company as a result of this investment.

Reliance Jio stated in a statement that the investment is subject to customary closing conditions and regulatory clearances. Jio seeks to leverage the proposed investment to boost Glance’s launch in a number of international markets, including the United States, Mexico, Brazil, and Russia. Both companies aim to expand the world’s largest live content & commerce ecosystem on the lock screen in the long run.

According to two people familiar with the funding from Jio Platforms Ltd. values the startup at around $1.7 billion. Glance is also backed by Google and PayPal co-founder Peter Thiel’s Mithril Capital. Glance has also struck a business collaboration with Reliance Retail Ventures Limited (RRVL), in addition to receiving funding from Jio Platforms. Glance will integrate its ‘lock screen platform’ into JioPhone Next smartphones as part of this deal, bringing millions of JioPhone Next users a new lock screen experience. Reliance Jio and Google partnered on the development of the JioPhone Next smartphone, which was launched in November of last year in India.

Akash Ambani, Director of Jio Platforms Ltd. (JPL), commented on the investment saying, “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.”

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Reliance Jio picks up 17% stake in InMobi’s Glance

Tags : Reliance Jio

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