Jio Platforms Limited (JPL) said that it is investing $200 million to buy a 17% stake in Glance – an AI-driven lock-screen platform owned by InMobi Group – at a valuation of $1.8 billion.
Glance shows content on device lock-screens without searching, downloading any apps or even unlocking their phones. The platform is present on more than 400 million devices across markets in Asia.
The Series D funding will help Glance expand globally and enter several key international markets outside of Asia, such as the US, Brazil, Mexico and Russia. It will also allow InMobi Group to transform Glance into the world’s largest live content and commerce ecosystem on the lock-screen.
In addition to JPL, Glance is also backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital.
Glance will be the 14th technology company to come under JPL’s belt. JPL recently acquired a 25% stake in Silicon Valley-based deep-tech startup Two Platforms, co-founded by Pranav Mistry.
Naveen Tewari, founder and CEO of InMobi Group, said in a joint statement with JPL that 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, while White & Case and K Law acted as the legal counsels and Ernst & Young provided accounting and tax due diligence services to Jio Platforms.
Separately, Glance has also entered into an agreement with Jio Platform’s sister company, Reliance Retail Ventures Limited, to integrate its lockscreen platform into JioPhone Next smartphones.
The deal is also expected to lead to further strategic collaborations between Glance, Reliance Retail and Jio across devices, as well as commerce, content and gaming ecosystems.
Glance has similar partnerships in place with handset makers including Xiaomi and Oppo in India.