Reliance Jio Platforms invests $200 million in InMobi Glance

New Delhi: Reliance Industries is investing $200 million in Glance, a lock screen content company owned by ad-tech firm InMobi, to bring the service to new Jio smartphones this year, the companies said on Monday.

Jio’s investment aims to accelerate the launch of Glance in several key global markets outside of Asia, such as the United States, Brazil, Mexico and Russia. The company aims to create the world’s largest ecosystem of content and live commerce on the lock screen and will use the funds raised to expand globally.

In addition to Jio Platforms, Glance is also backed by tech giant Google and Silicon Valley-based venture capital fund Mithril Capital.

ALSO READ Modi Govt To Tesla: Market of India and employment to China, this policy is not of Modi government, government’s answer to Tesla’s Elon Musk

The investment, made through Reliance’s Jio Platforms unit, values ​​Glance between $1.7 billion and $1.8 billion after the money, according to a source involved in the deal.

The integration will allow Reliance retailers to advertise products directly to Jio users via Glance, a platform that delivers personalized news, entertainment content, and live video to the lock screens of smartphones.

InMobi Group founder and CEO Naveen Tewari said Glance could be on “hundreds of millions” of Jio phones this year.

Akash Ambani, Director of Jio Platforms, said, “With this investment, Glance plans to launch in several key markets globally and expand the experience to millions of Jio users, further strengthening our commitment to providing the most advanced and advanced solutions. next-level technology and digital ecosystem for consumers in India and beyond.

ALSO READ Patanjali’s Ruchi Soya set to launch FPO in February last week

Piyush Shah, Co-Founder of InMobi Group and President and COO of Glance, “Jio’s investment is a huge validation of this vision and gives us the firepower to bring Glance’s innovative experience to surfaces across We look forward to working with Jio to jointly build the content, creator and commerce ecosystem of the future.

Reliance launched its Jio Phone Next on November 4, but sales figures have not been released.

Ambani has regularly bought stakes in consumer internet companies and tied those services to Reliance Jio, as he seeks to create a tech giant that integrates connectivity, content, and commerce.

“The agreement is also expected to lead to new strategic collaborations between Glance, Reliance Retail and Jio across devices, commerce, content and the gaming ecosystem,” InMobi said in a statement.

Glance is available by default in 60-65% of new smartphones sold in India, thanks to ties with Samsung, Xiaomi, Vivo, Oppo, and Realme, Tewari added.

ALSO READ Indian Railways: Earns 205 crores only by selling junk

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top