Reliance’s Jio Platforms Ltd will invest $200 million (roughly Rs 1,510 crore) in a lock-screen platform, Glance which is part of the InMobi Group.
Reliance’s Jio Platforms’ investment will value Glance at $1.7 billion to $1.8 billion (roughly Rs. 12,800–13,600 crore) post-money with the satisfaction of customary closing prerequisites and regulatory approvals. “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.
The integration will authorise Reliance’s retail firms to advertise products directly to Jio users through the artificial intelligence company, Glance.
Glance is speeding up to develop 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.
Reliance on buying stakes in the company expressed, “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. 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.”
Ambani with a vision to create a technology behemoth that incorporates connectivity, content and commerce has been subsequently purchasing stakes in consumer internet firms and fastening those services into Reliance Jio.
Glance’s lock screen platform exists on more than 400 million devices across markets in Asia. Glance has made it possible for users to experience the best of the internet without searching, downloading any apps or even unlocking their phones.
