Reliance mentioned to close funding in Google-backed Glance InMobi

Reliance Industries Ltd. is in talks to purchase a stake in Indian cell content material supplier Glance InMobi Pte, in line with individuals accustomed to the matter.
The conglomerate is contemplating investing about $300 million within the unicorn backed by Alphabet Inc.’s Google, the individuals mentioned, asking to not be recognized as the data is non-public. The transaction might be accomplished as quickly as within the subsequent few weeks, one of many individuals mentioned.
Glance InMobi pushes curated information and leisure content material onto cellphone lock screens and likewise runs a short-video app. Reliance’s funding might contain strategic co-operation together with the monetary component, a special particular person mentioned.
Such a deal would give Reliance entry to priceless lock-screen actual property on the inexpensive cell phones it’s co-developing with Google and slated to hit the market in time for the Diwali purchasing season in finish October. It would additionally give Reliance strategic entry into short-video content material, a class the place customers are skyrocketing.

Deliberations are ongoing and Reliance might resolve to not proceed with the funding, the individuals mentioned. A consultant for Glance didn’t instantly reply to an e-mail in search of remark, whereas a Reliance consultant declined to remark.
Google agreed final 12 months to speculate $4.5 billion in a partnership with Reliance, which included plans for a low-cost smartphone as a part of Reliance Chairman Mukesh Ambani’s efforts to construct an area expertise titan. The cellphone was set for its debut earlier this month, however the launch was delayed as a result of international scarcity of semiconductors.
Glance InMobi was based in 2019 and has about 130 million day by day lively customers. Its Roposo app gives brief movies in a dozen Indian languages. The firm, whose backers additionally embrace Peter Thiel’s Mithril Capital, agreed to accumulate e-commerce startup Shop101 in June.