The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals. The investment will value Glance at $1.7 billion to $1.8 billion post-money, according to a Reuters report.
The proposed investment by Jio is aimed at accelerating Glance’s launch in several key international markets outside of Asia including the USA, Brazil, Mexico and Russia. With the investment, the entity is now looking to further bolster its live content capabilities and enable its commerce ecosystem further.
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.
Glance could be on “hundreds of millions” of Jio phones this year, InMobi Group founder and Chief Executive Officer Naveen Tewari told Reuters.
In June, last year, the company had acquired social commerce platform Shop101, for an estimated $40 million to $45 million, to offer influencer-led and live commerce on its platform.
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Glance’s other investors include technology giant Google and Silicon Valley-based venture fund Mithril Capital.
At present, Glance claims that its lock screen platform is present on more than 400 million devices across markets in Asia.
Reuters contributed to this story.
