Jio | Glance Jio Platforms to invest $200 million in Google-backed consumer internet company Glance
Jio Platforms (JPL), the digital unit of Reliance Industries (RIL), has agreed to invest $200 million (about Rs 1,500 crore) for a roughly 17 percent stake in Glance, a Google-backed consumer internet company, which allows users to consume personalized content even with a locked smartphone screen.
The move is aimed at loading JioPhone Next, a 4G smartphone co-developed by RIL and Google, with top notch features.
The phone is critical for the Indian telecom market leader, as Reliance Jio Infocomm targets 500 million subscribers, from 421 million at the end of December.
The Series D funding round, according to a person familiar with the development, will value the Singapore-headquartered internet company at around $1.8 billion post money, Economic Times reported.
“Glance will be integrated into the revolutionary Pragati OS, which has been co-developed by Jio Platforms and Google, to bring live content on lock screen for millions of Jio users,” RIL said in a statement on Monday.
The new investment will make Glance the 14th technology company where JPL has acquired stakes.
The last one being a 25 percent stake in Silicon Valley-based deep-tech startup, Two Platforms.
“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,” Akash Ambani, director, Jio Platforms, said in the statement. “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…”
After this deal, Glance can be set as the default lock screen on Jio handsets.
Previously, Glance has had partnerships with other handset makers including Xiaomi and Oppo.
In the past, Glance has had collaborations with other handset makers, including Xiomi and Oppo.
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