Today, Jio is a household name, and Reliance Industries has carved a niche for itself in multiple industries. Now, Facebook-backed JIO Platforms has agreed to invest $200 million in InMobi Group’s Glance in its Series D funding round.
However, the deal is transaction is not yet set in stone and is subject to customary closing conditions and regulatory approvals. Once it is sealed, Glance will be valued at $1.7-1.8 billion, and Jio Platforms will have a stake of 17% in Glance.
The three-year-old Glance claims to have redefined the way the internet is consumed on the lock screen. Backed by high-profile names such as Google and Silicon Valley-based venture fund Mithril Capital, Glance says that its lock screen platform is present on more than 400 million devices across markets in Asia. The company uses personalized, AI-driven content, live entertainment commerce, and gaming on the lock screen.
With Glance, you can have experience the best of the internet without searching, downloading any apps, or even unlocking your phones. Today, it is available by default in 60% to 65% of new smartphones sold in India, which has been made possible through its teaming up with leading smartphone manufacturers such as Samsung, Xiaomi, Vivo, Oppo, and Realme. Last June, it acquired Shop101, a social commerce platform, for around $40-45 million to offer influencer-led live commerce on its platform.
How will the development benefit both parties? Jio has been revolutionizing the telecommunications and tech industries in India ever since it rolled out. This investment is aimed to accelerate Glance’s launch and deepen its footprint in international markets outside of Asia. This includes Brazil, the USA, Russia, and Mexico, and Glance aims to scale up its commerce ecosystem and live content capabilities. This will benefit Jio as well, whose reach in the international market will be widened with Glance.
You may remember the JioPhone Next, which was jointly developed by Jio and Google and rolled out last Diwali. It has many interesting features, and now, it seems that Glance’s lock-screen platform will be integrated into the JioPhone Next smartphones this year. The brainchild of Google and Jio has already been successful, and the addition of Glance will further strengthen it.