Glance, an AI-driven lock-screen platform, announced today that it has agreed to raise US$200 million from Jio Platforms Limited (“Jio”) in its Series D round of funding. The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals.
The proposed investment by Jio is aimed at accelerating Glance’s launch in several key international markets outside of Asia such as the USA, Brazil, Mexico and Russia. The company is aiming 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, Glance is also backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital.
Besides, Glance has also entered into a business partnership arrangement with Reliance Retail Ventures Limited (“Reliance Retail”), providing for Glance’s ‘lock screen platform’ to be integrated into the JioPhone Next smartphones to transform the internet experience for millions of Jio users.
Today, Glance’s lock screen platform is present on more than 400 million devices across markets in Asia.
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. 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.”
Naveen Tewari, Founder & CEO of InMobi Group said “Mr. Mukesh Ambani has been a source of immense inspiration for me since my early days and it is an honor to have Jio becoming a strategic partner in our journey. Jio’s investment into Glance brings a deep synergy of vision and philosophy. Jio is a truly disruptive company. It made 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 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.
Piyush Shah, Co-founder of InMobi Group and President & 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.”
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.