Lock-screen platform, Glance which is part of the InMobi Group, is set to raise $200 million from Reliance’s Jio Platforms Ltd. The investment will value Glance at $1.7 billion to $1.8 billion post-money.
With the investment, the entity is now looking to further bolster its live content capabilities and enable its commerce ecosystem further. The proposed investment by Jio is also aimed at accelerating Glance’s launch in several key international markets outside of Asia including the USA, Brazil, Mexico and Russia.
Along with the proposed investment, Glance has also entered into a business partnership arrangement with Reliance Retail Ventures, 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,” InMobi said in a statement.
It will use the fresh funds to expand to US and Latin American markets, and is also testing new ways of content-driven commerce through live videos. Currently, Glance claims that its lock screen platform is present on more than 400 million devices across markets in Asia.
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