Jio Platforms: Indian company Reliance Industries is investing $200 million (roughly the equivalent of. 1.510 million) into Glance.
According to the companies on Monday, this online lock screen content provider is backed by Alphabet and owned by ad tech company InMobi to offer the service on the latest Jio smartphones in the coming year.
Made The Deal through the company’s Jio Platforms division. According to an insider associated with the deal, the investment is worth The Glance as $1.7 billion to $1.8 billion (roughly around Rs. 12,800-13,600 crore) after the payment.
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The integration will let the retail companies of Reliance market items directly to Jio users via Glance, which offers customized news, entertainment, and live video to smartphones screen locks.
In a telephone interview, InMobi Group CEO and Founder Naveen Tewari said that the Glance feature might be available in “hundreds of millions” of Jio phones this year.
Billionaire Mukesh Ambani’s Reliance announced the Jio phone Next on November 4; however, sales figures haven’t been released publicly.
Ambani has been buying stakes in internet companies that cater to consumers and linking those services to Reliance Jio.
He seeks to create a tech company that integrates connectivity, content, and commerce.
“The agreement is also expected to result in more strategic collaborations with Glance, Reliance Retail, and Jio across commerce, devices, as well as the gaming and content ecosystem,” InMobi said in an announcement.
Glance is included by default in between 60 and 65 percent of all new smartphones sold in India due to agreements that include Samsung, Xiaomi, Vivo, Oppo, and Realme, Tewari said.
The company will use the new money to expand its business to the US and Latin American markets and is also testing new methods to conduct commerce based on content using live video.
The company is supported by Peter Thiel’s Mithril Capital and Alphabet, who invested $100 million (roughly about Rs. 700 million) at the end of December 2020.
