Glance, an artificial intelligence (AI)-driven lock-screen live content and commerce platform, has agreed to raise $200 million (around Rs 1500 crore) in Series D round of funding from Jio Platforms Limited (Jio), a subsidiary of Mukesh Ambani-owned Reliance Industries Ltd.
Headquartered in Singapore, Glance is an unconsolidated subsidiary of InMobi Group, which is backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital. Google also has investments in Jio, as part of its Google for India Digitization Fund.
“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,” both Jio and Glance said in a joint statement.
The company, Glance, 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, the statement added.
The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals.
“Concurrent with the proposed investment, Glance has also entered into a business partnership arrangement with Reliance Retail Ventures Limited (Reliance Retail), providing for Glance’s ‘lock screen platform’ to be integrated into the JioPhone Next smartphones to transform the internet experience for millions of Jio users,” the statement further said.
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.
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.
Founded in 2019, Glance is a consumer internet company that has created disruptive digital platforms - Glance and Roposo, which provides creator-led live entertainment commerce.
Currently, Glance’s lock screen platform is present on more than 400 million devices across markets in Asia, where users are able to experience internet without searching, downloading any apps or even unlocking their phones. It provides personalized, AI-driven content, live entertainment commerce and gaming on the lock screen.
“...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.
Naveen Tewari, Founder & CEO of InMobi Group, said, “Reliance is now disrupting the smartphone market with 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.”
