Jio to Invest $200 Mn in Glance, Monetize JioPhone Next

Glance has announced that it will raise $200 million from Jio Platforms Limited in its Series D round of funding. This comes after news broke last September that the company was looking to invest in Glance. Back then, news had broken that Reliance Industries might invest up to $250 million in the platform.

Jio Platforms Limited Invest in Glance, As Expected

In a press statement, the companies said that the funding will help the platform accelerate international rollouts; it has been targeting regions outside Asia, such as the US, Brazil, Mexico, and Russia. As such, the company will create the world's largest content and commerce system on the lock screen. Interestingly, Glance also has backing from Google and Silicon Valley-based venture fund Mithril Capital.

Akash Ambani, Director, JPL, said, "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 for experiencing the internet, live content, creator-driven entertainment commerce, and gaming. 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".

Along with him, Naveen Tewari, Founder & CEO of InMobi Group, said, "Jio’s investment into Glance brings a deep synergy of vision and philosophy". Tewari added, "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".

Piyush Shah, Co-founder of InMobi Group and President & COO of Glance, said, "Jio’s investment is a huge validation of this vision and gives us the firepower to take the innovative experience of Glance to surfaces across the world. We look forward to working with Jio to build the content, creator, and commerce ecosystem of the future, together".

Jio's Incentive in Glance

Along with the investment, the platform has entered into a partnership with Reliance Retail. This will help provide Glance on JioPhone Next's lock screen, to "transform the internet experience for millions of Jio users".

For Reliance, the incentive is there; per Counterpoint Research’s quarterly Mobile Application Tracker, Glance has more than 163 million active users in India, growing 8% Q-o-Q. These figures are from the quarter ended December 2021. As such, one can only expect this figure to be higher. Therefore, by investing in the platform, Jio can not only monetize its smartphone more effectively but also deliver unique experiences. That might also act as a selling point for the smartphone.

Interestingly, the unicorn has engaged in multiple strategic partnerships with global players in the mobile ecosystem. Earlier, Glance had acquired social commerce startup Shop101 in June to get in the backend commerce and logistics market. The deal will also lead to further collaborations between the companies across devices, commerce, content, and gaming.