Reliance is all set to pick up about a 15 percent stake in lock-screen content platform Glance, which is a subsidiary of India’s first unicorn InMobi, sources told CNBC-TV18 on Tuesday.
They said that Reliance is in a fairly advanced stage of talks to invest $250-$300 million in Glance and the deal could close in a month.
Reliance may get access to screen-lock content of Glance for the Jio Google 4G smartphone and it is also looking to get access to short video platform Roposo and social commerce through Shop101, the businesses that were acquired by Glance, sources said.
According to Counterpoint Research, Glance has 151 million active users in India in Q2 2021 and one in every four Indian smartphone users is now active on the platform, which is available on Android phones.
However, both Reliance and Glance did not comment on the development.
Glance, started by InMobi in 2019, turned unicorn in December 2020 after funding from Google and other investors such as Mithril Capital.
RIL shares traded 0.6 percent higher at Rs 2,539.30 in late afternoon deals, having touched a record high of Rs 2,565 earlier in the day. On Monday, the conglomerate's market capitalisation hit the Rs 17 lakh crore mark for the first time ever, cementing its position as India's most valuable company.
: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.