RIL Group’s digital entity Jio Platforms will acquire about 17 per cent stake in SoftBank-backed Inmobi’s Glance platform for USD 200 million (about Rs 1,500 crore). The proposed deal values the company at USD 1.8 billion.
Glance, which provides mobile lock screen content, including videos and advertisements, will use the funds to double down on growth in Asia as well as launch in key global markets, including the US, Brazil, Mexico and Russia.
“Jio will acquire about 17 per cent stake in Glance for USD 200 million. The transaction will take place at the enterprise value of Glance at USD 1.8 billion,” a source told PTI.
E-mail queries sent to Jio and Glance did not elicit any reply.
The company will be integrated into the revolutionary Pragati OS, which has been co-developed by Jio Platforms and Google, to bring live content on lock screen for millions of Jio users.
“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,” Jio Platforms Director Akash Ambani said.
Glance said it aims to create 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, Singapore-based Glance is an unconsolidated subsidiary of InMobi Group and is funded by Google and Mithril Capital.
“Jio’s investment into Glance brings a deep synergy of vision and philosophy. Reliance is now disrupting the smartphone market with the 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,” Inmobi Group Founder and CEO Naveen Tiwari said.
Glance claims that it’s lock screen platform is present on over 400 million devices across markets in Asia.
“Jio’s investment is a huge validation of this vision and gives us the firepower to take the innovative experience of Glance to surfaces across the world.
“We look forward to working with Jio to build the content, creator and commerce ecosystem of the future, together,” Inmobi Group’s Co-Founder and Glance’s President and Chief Operating Officer Piyush Shah said.