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Monday, March 04 2024
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Glance may get $300 mn investment from RIL

Glance may get 300 mn investment from RIL
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Mumbai: Conglomerate Reliance Industries might invest around $250-$300 million to buy a stake InMobi’s mobile content platform Glance, sources said.

However, an email sent to RIL did not elicit any response.

The speculative development assumes significance since the platform will be able to provide curated content for the company’s upcoming mobile phone which has been developed with Google.

Notably, Google Inc’s subsidiary Alphabet Inc backs the content platform.

The Glance platform provides curated content including news and short videos on the phone’s locked screens.

The transaction will be complete within few a weeks.

In July 2020, Reliance Jio and Google announced their partnership to develop an affordable smartphone.

Subsequently, Jio Platforms and Google entered into a commercial agreement. They will jointly develop the entry-level affordable smartphone. This phone will have optimisations to the Android operating system and the Play Store.

At that time, Google announced to invest Rs 33,737 crore ($4.5 billion) in Jio Platforms for an equity stake of 7.73 per cent.

The smartphone will enter the market around Diwali time.

 

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