Google-backed Glance targets profitability in yr, eyes AI-powered growth

While one reason for a profitable growth is expansion into the US markets, Tiwari is keen on the generative AI powered offering, which is expected to be launched in the next four to six weeks

Glance, the subsidiary of mobile advertisement player InMobi, has set a time frame of 12 months to reach profitability. This is on the back of its foray into the US market and also because of its slew of artificial intelligence (AI)-powered offerings it plans.

 

“Glance will be profitable in the next 12 months,” said Naveen Tewari, co-founder and chief executive officer (CEO) of InMobi.

 

Glance’s revenue for FY24, according to a report filed by Entrackr, came in at ₹614 crore, up 89 per cent year-on-year (Y-o-Y). The firm’s loss was at ₹929 crore in FY24, down from ₹1,094 crore in FY23. 

 

Glance is a five-year old company. It has over 300 million global users, with 235 in India. Glance as a software platform is available in over 450 million smartphones (globally).

 

Some of the original equipment manufacturers (OEMs) that Glance works with include Samsung, MI, Vivo, Oppo, Realme, Jio and others.

 

Tiwari is bullish about the company’s second offering based on generative AI.

 

“The next version of Glance, which is called Glance AI, is the most advanced version of AI. This is our second offering powered by generative AI. With this, we are looking at shopping which is powered by generative AI. We have already launched in Beta,” he added.

 

Tiwari further said that the company has built AI agents with a vertical focus based on what users want the most.

 

The first agent to be launched by Glance — in perhaps the next four to six weeks — is on fashion. At present the app is in beta.

 

“These are real images that have been processed by the AI engine on my phone, which has understood my interests… and every time you power up the phone, the lock screen refreshes with a new image/avatar of yours,” he said.

 

Tewari said if a user sees himself in an image wearing the latest summer drop from his favourite brand, the user can simply tap 'buy' on the lock screen, seamlessly entering the brand's catalog without unlocking the phone.

 

For this, Glance has tie-ups with close to 400 brands already.

 

The first verticalised AI agent that is being launched is focused on fashion, but Tewari says there are many more in the pipeline. Some of these could be accessories or travel, among others.

 

He said, “We launched the fashion AI agent in beta version and the results are fantastic.”

 

Glance turned unicorn in 2020 as it raised funds from Google and Mithril (an existing investor then). In 2021, Jio Platforms invested $200 million in the company.

 

When asked about the initial public offering (IPO) plans of InMobi, Tewari said “it will happen.”

 

Reports say the IPO would value InMobi around $8-$10 billion.