Jio Platforms has agreed to invest $200 million in AI-driven lock-screen platform Glance in the latter’s Series D funding round. The InMobi Group company has Google and Silicon Valley-based venture fund Mithril Capital among its investors.
The transaction is subject to customer closing conditions and regulatory approvals, states a joint statement from the two companies on Monday.
“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,” the statement reads.
Along with the investment from Jio Platforms, Glance has also entered into a business partnership arrangement with Reliance Retail Ventures Limited. Under this agreement, Glance will integrate its ‘lock screen platform’ into the JioPhone Next smartphones, offering a new lock screen experience to millions of users of the budget smartphone. The JioPhone Next smartphone has been jointly developed by Reliance Jio and Google, and was introduced into the Indian market in November last year.
“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,” the companies say.
“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,” says Akash Ambani, director, Jio Platforms Limited, on the investment.
Glance’s lock screen platform is currently present on more than 400 million devices across Asia. The platform allows users to use the internet right from their lock screen without searching or downloading any additional apps.
“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,” says Naveen Tewari, founder and CEO of InMobi Group.
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.