Reliance Industries said that Jio Platforms will invest $200 million in Glance, an AI-driven lock-screen platform.
The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals.
Jio Platforms (Jio), a subsidiary of Reliance Industries, has built a world-class all-IP data strong future proof network with latest 4G LTE technology (through its wholly owned subsidiary, Reliance Jio Infocomm).
The proposed investment by Jio is aimed at accelerating Glance's launch in several key international markets outside of Asia such as the USA, Brazil, Mexico and Russia. The company 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 also backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital.
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Concurrent with the proposed investment, Glance has also entered into a business partnership arrangement with Reliance Retail Ventures, providing for Glance's 'lock screen platform' to be integrated into the JioPhone Next smartphones to transform the internet experience for millions of Jio users.
The deal is expected to lead to further strategic collaborations between Glance, Reliance Retail and Jio across devices, commerce, content and gaming ecosystem.
Akash Ambani, Director, Jio Platforms, said, Glance has grown at a phenomenal pace over the past two years and has given users a truly unique solution by unlocking the power of the lock screen for experiencing the internet, live content, creator driven entertainment commerce and gaming.
With the help of this investment, Glance expects to launch in several key markets globally as well as extend the experience to millions of Jio users, further reinforcing our commitment to provide the most advanced and next-level tech and digital ecosystem for consumers in India and beyond.
RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail, telecom, and digital services.
On a consolidated basis, RIL reported a 37.9% jump in net profit to Rs 20,539 crore on a 57% rise in net sales to Rs 185,027 crore in Q3 FY22 over Q3 FY21.
The scrip fell 1.60% to end at Rs 2338.80 on the BSE.
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