Jio Platforms to invest US$200mn in mobile start-up Glance
Glance, a leading AI-driven lock-screen platform, has raised US$200mn 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.
As the company is aiming to create the world’s largest live content and commerce ecosystem on the lock screen, the proposed investment is aimed at accelerating Glance’s launch in key international markets outside of Asia such as the USA, Brazil, Mexico and Russia.
Glance is also backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital.
Unlocking the power of the lock screen
Founded in 2019, Glance is a consumer internet company that has created two digital platforms - Glance and Roposo.
Glance has changed the way internet is consumed on the lock screen, removing the need for searching and downloading apps. Over 400 million smartphones now come enabled with Glance’s next-generation internet experience.
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. 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.”
Transforming the internet experience
Glance has also entered into a business partnership arrangement with Reliance Retail Ventures Limited, 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.
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.”
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.