Reliance’s Jio Platforms to invest $200 million in AI-driven mobile startup | Techno Glob


Indian billionaire Mukesh Ambani’s Jio Platforms, the technology arm of Reliance Industries, has invested $200 million in multinational technology company InMobi’s mobile content startup Glance.

Backed by Google and PayPal co-founder Peter Thiel’s Silicon Valley-based venture fund Mithril Capital, Glance uses an algorithm to deliver personalized news, entertainment content, games and live videos to smartphone lock screens.

According to its website, more than 400 million Glance-enabled smartphones have been sold.

The startup achieved unicorn status in December 2020, 18 months after its founding, and is now valued at $1.8 billion.

“Glance expects to launch in several key markets worldwide and extend the experience to millions of Jio users,” Jio Platforms director Akash Ambani said in the announcement.

The Jio Platforms investment will help Glance expand internationally beyond Asia, including the US, Brazil, Mexico and Russia, and aims to create the world’s largest live content and commerce ecosystem on smartphone lock screens.

Diversifying its technology investments, Reliance last week announced plans to buy a 25% stake in a two-platform deep-tech startup based in Silicon Valley for $15 million.

Harvard Business School alumnus Naveen Tewari, founder of Glance, also founded InMobi, India’s first unicorn, in 2011 after stints at Charles River Ventures and McKinsey & Company in Silicon Valley.

Glance acquired Roposo, an entertainment and commercial video sharing app, in November 2019, and Shop101, a reseller e-commerce app, in June 2021 to bring together creator-led commerce on the lock screen platform.



Source link