Reliance May Buy Stake In Glance InMobi For $300M

Given the recent speculations, Reliance Industries is planning to invest nearly $300M in Glance InMobi. The transaction may close in the next few weeks, with the involvement of strategic cooperation and financial elements. This comes after a slew of acquisitions that Reliance has made in the past few months.

Glance is an artificial intelligence-based software company that delivers personalised content to the lock screens of smartphones. Co-founded in 2019 by Naveen Tewari, Abhay Singhal, Mohit Saxena, and Piyush Shah and headquartered in Bangalore, Glance is owned by InMobi, a multinational technology company.

This acquisition may come at the back of Reliance Jio & Google's partnership to build a new Android-based operating system that was announced in 2020, slated around Diwali time. Besides, Reliance will gain a major foothold in the short-video format platform, a category that's throwing in India.

While the discussions are still on, confirmation on this report is awaited.