Glance has set its eye to create the world’s largest live content and commerce ecosystem on the lock screen and aggressively fund its growth idea and push ahead by raising fresh round of funding. It plans to deploy the funds raised to expand globally. To begin it has decided to raise $200 million from Jio Platforms Limited in its Series D round of funding. In addition to Jio Platforms, Glance is also backed by Google and Silicon Valley-based venture fund Mithril Capital.
Speaking about its investment in Glance, Akash Ambani, Director, Jio Platforms Limited, 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.”
The proposed investment by Jio is aimed at accelerating Glance’s launch in several key international markets outside of Asia such as the US, Brazil, Mexico, and Russia. Glance has also entered into a business partnership arrangement with Reliance Retail Ventures Limited, for its ‘lock screen platform’ to be integrated into the JioPhone Next smartphones.
Glance to raise USD 200 Million from Jio Platforms
Naveen Tewari, Founder and CEO of InMobi Group, said, “Mukesh Ambani has been a source of immense inspiration for me since my early days and it is an honour to have Jio becoming a strategic partner in our journey.”
He further added that “Jio’s investment into Glance brings a deep synergy of vision and philosophy. Jio is a truly disruptive company. It made the internet accessible for millions of users, making India one of the largest internet markets in the world. 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.”
Morgan Stanley acted as the exclusive financial advisor and Khaitan & Co. acted as the legal counsel to Glance. White & Case and K Law acted as the legal counsels and Ernst & Young provided accounting and tax due diligence services to Jio Platforms.
Piyush Shah, Co-founder of InMobi Group and President and COO of Glance, said, “Glance has created a disruptive lock screen-first discovery platform for live content, commerce and gaming in Asia, and we intend to scale it globally going forward.”
“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,” he added.
The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals.
