jio: Reliance Jio invests Rs 1500 crore in Glance: Here’s what company plans to do and more

Glance has announced that it has received $200 million (approx Rs 1500 crore) from Reliance Jio Platforms in its Series D round of funding. The company has mentioned that the transaction is subject to the satisfaction of customary closing conditions and regulatory approvals. The proposed investment by Jio aims at accelerating Glance’s launch in several key international markets outside of Asia such as the USA, Brazil, Mexico and Russia. The company claims that it is aiming to create the world’s largest live content and commerce ecosystem on the lock screen and will use the funds raised to expand globally. In addition to Jio Platforms, Glance is backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital.
Concurrent with the proposed investment, Glance has also entered into a business partnership arrangement with Reliance Retail, providing for Glance’s ‘lock screen platform’ to be integrated into the JioPhone Next smartphone. Currently, Glance’s lock screen platform is present on more than 400 million devices across markets in Asia.
Recently, Reliance Jio also has announced that it is investing $15 million (around 112 crores) Silicon Valley based deep tech startup, Two Platforms, for 25% equity stake. For those who do not know, Two is an artificial reality (AR) company founded by Pranav Mistry with the aim to build interactive artificial intelligence (AI) experiences. Before this, Pranav has also worked with smart gadgets such as Samsung Galaxy Gear and SixthSense. This investment is the Jio’s effort to enter the metaverse.