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.
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.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU