Mumbai, 15/2: Reliance Industries Ltd’s digital platform will invest Rs 1,515 crore ($200 million) in the mobile content company Glance InMobi Pte, a sign regional startups continue to attract financing at strong valuations despite setbacks for some newly-public technology stocks.
The funding from Jio Platforms Ltd values the startup at about Rs 12,852 crore ($1.7 billion), said two people familiar with the deal, asking not to be quoted since the terms are not public. Glance is also backed by Alphabet Inc’s Google and Paypal co-founder Peter Thiel’s Mithril Capital.
The Singapore-based startup offers two kinds of services: Its namesake, Glance, delivers curated content to users’ phones without them having to unlock their screens or open any apps. Its short video platform, Roposo, is increasingly becoming a celebrity- and influencer-led commerce platform for brands.
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