As part of Glance’s Series D round fundraising, Jio Platforms announced on Monday that it will invest USD 200 million in the company. Glance is a premier AI-driven lock-screen platform. Jio’s proposed investment is targeted at hastening Glance’s launch in a number of significant international countries outside of Asia, including the United States, Brazil, Mexico, and Russia, according to the business.
“Glance, has agreed to raise USD 200 million from Jio Platforms in its Series D round of funding,” it further said.
Glance is supported by technology giant Google and Silicon Valley-based venture firm Mithril Capital, in addition to Jio Platforms. Glance, an unconsolidated subsidiary of InMobi Group with headquarters in Singapore, aims to build the world’s greatest live content and commerce ecosystem on the lock screen and will utilise the money received to grow internationally, according to the company. Glance has also engaged in commercial collaboration with Reliance Retail, allowing its ‘lock screen platform’ to be included in the JioPhone Next devices, in addition to the planned investment. Glance’s lock screen technology is currently installed on over 400 million handsets across Asia.
“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,” the company further stated. Speaking about its investment in Glance, Akash Ambani, Director, Jio Platforms said, “Glance has grown at a phenomenal pace over the past two years and has given users a truly unique solution by unlocking the power of the lock screen for experiencing the internet, live content, creator-driven entertainment commerce and gaming.”
Glance intends to debut in many important regions internationally as well as expand the experience to millions of Jio customers as a result of this investment, he added, “further reaffirming our commitment to creating the most sophisticated and next-level tech and digital environment for consumers in India and beyond.”
Naveen Tewari, Founder & CEO of InMobi Group, said, “Jio’s investment into Glance brings a deep synergy of vision and philosophy.”
Jio’s investment in Glance, as well as Glance’s appearance on the lock screen of JioPhone Next devices, would result in a fundamental shift in how its customers interact with the internet, according to him. The deal is conditional on customary closing conditions and regulatory clearances being met. Glance retained Morgan Stanley as its exclusive financial adviser and Khaitan & Co as its legal counsel, while Jio Platforms retained White & Case and K Law as its legal counsel and Ernst & Young supplied accounting and tax due to diligence services, according to the announcement.
