Reliance Industries Ltd. is in talks to obtain a stake in Indian mobile content provider Glance InMobi Pte, according to people today familiar with the matter.
The conglomerate is thinking about investing about $300 million in the unicorn backed by Alphabet Inc.’s Google, the people today stated, asking not to be identified as the information and facts is private. The transaction could be completed as quickly as in the next handful of weeks, one of the people today stated.
Glance InMobi pushes curated news and entertainment content onto phone lock screens and also runs a brief-video app. Reliance’s investment could involve strategic co-operation along with the monetary element, a various particular person stated.
Such a deal would give Reliance access to important lock-screen true estate on the economical mobile phones it is co-building with Google and slated to hit the industry in time for the Diwali buying season in finish October. It would also give Reliance strategic entry into brief-video content, a category exactly where customers are skyrocketing.
Deliberations are ongoing and Reliance could determine not to proceed with the investment, the people today stated. A representative for Glance did not instantly respond to an e-mail in search of comment, even though a Reliance representative declined to comment.
Google agreed last year to invest $4.5 billion in a partnership with Reliance, which integrated plans for a low-expense smartphone as portion of Reliance Chairman Mukesh Ambani’s efforts to create a neighborhood technologies titan. The phone was set for its debut earlier this month, but the launch was delayed due to the worldwide shortage of semiconductors.
Glance InMobi was founded in 2019 and has about 130 million every day active customers. Its Roposo app presents brief videos in a dozen Indian languages. The enterprise, whose backers also involve Peter Thiel’s Mithril Capital, agreed to obtain e-commerce startup Shop101 in June.