Reliance considers stake in Glance InMobi: report

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NEW DELHI: Reliance Industries is in talks to buy a stake in mobile content provider Glance InMobi, according to people familiar with the matter.
The conglomerate plans to invest around $ 300 million in the Google-backed unicorn, the people said, asking not to be identified because the information is private.
The deal could be finalized within the next few weeks, one of the people said.
Glance InMobi streams news and entertainment content to phone lock screens and also runs a short video app.
Reliance’s investment could involve strategic cooperation with the finance element, another person said.
Such a deal would give Reliance access to valuable lock screen real estate on the affordable mobile phones it is co-developing with Google and is expected to hit the market in time for Diwali in late October. It would also give Reliance a strategic entry into short video content, a category where users are skyrocketing.
Discussions are ongoing and Reliance may decide not to proceed with the investment, the people said. A representative for Glance did not immediately respond to an email requesting comment, while a representative for Reliance declined to comment.
Google agreed last year to invest $ 4.5 billion in a partnership with Reliance, which included plans for a low-cost smartphone as part of Reliance chairman Mukesh Ambani’s efforts to create a tech titan. local.
The phone was slated to debut earlier this month, but the launch has been delayed due to the global chip shortage.


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