Private Equity

PE Fund Investments

Reliance Jio to invest Rs.1,500-Cr in InMobi's lock screen unit Glance

Press Release  

Bengaluru- and Singapore-based Glance InMobi, an AI-driven “lock screen” platform, is to raise USD 200 million in a Series D round from Jio Platforms Ltd, part of Mumbai-based, publicly listed Reliance Industries Ltd (RIL). 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. Glance claims that it lock screen platform is present on more than 400 million devices across markets in Asia. The investment will be used to accelerate Glance's launch in several key international markets outside of Asia such as the US, Brazil, Mexico and Russia. 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. Glance has also entered into a business partnership arrangement with Reliance Retail Ventures Ltd, providing for Glance's lock screen platform to be integrated into the JioPhone Next smartphones. The deal is also expected to lead to further strategic collaborations between Glance, Reliance Retail and Jio across devices, commerce, content and gaming ecosystem. Founded in 2019, Glance also owns Roposo, a destination for creator-led live entertainment commerce.

From the Venture Intelligence PE-VC Deal Database: Between Sep-19 and Dec-20, Glance InMobi raised $190-M from Mithril Capital, and CapitalG. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)