Mukesh Ambani backed Reliance seems to be setting its eyes on investing in mobile content app Glance InMobi as per reports. Bloomberg reports Reliance may invest upto $300 million for a stake in the company.
Who is Glance InMobi?
Glance InMobi pushes curated news and entertainment content onto phone lock screens and also runs a short-video app. The platform leverages AI to personalise content in several Indian languages on the lock screen of Android smartphones. The startup turned unicorn in December 2020 when it got funding of $145 million from Google and existing investor Mithril Capital.
What would Reliance gain?
Glance claims to have more than 115 million daily active users who spend an average of 25 minutes on the platform per day. The reported deal would give Reliance access to valuable lock-screen real estate on the affordable mobile phones especially valuable ahead of the JioNext launch in collaboration with Google this festive season.