Reliance Industries may invest $300 mn in Glance: Sources
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Conglomerate Reliance Industries might invest around $250-$300 million to buy a stake InMobi's mobile content platform Glance, sources said.
However, an email sent to RIL did not elicit any response.
The speculative development assumes significance since the platform will be able to provide curated content for the company's upcoming mobile phone which has been developed with Google.
Notably, the content platform is backed by
Google Inc's subsidiary Alphabet Inc.
The platform provides curated content including news and short videos on the phone's locked screens.
As per sources, the transaction is expected to be completed within few weeks.
In July 2020, Reliance Jio and Google announced their partnership to develop an affordable smart phone.
Subsequently, Jio Platforms and Google entered into a commercial agreement to jointly develop the entry-level affordable smartphone with optimisations to the Android operating system and the Play Store.
At that time, Google announced to invest Rs 33,737 crore ($4.5 billion) in Jio Platforms for an equity stake of 7.73 per cent.
The smartphone is expected to hit the market around Diwali time.
