Decoding Glance Series D round and captable

Mobile-first content platform Glance had announced its $200 million Series D financing round from Reliance-owned Jio Platforms. While the company disclosed the size of the round, it didn’t give further details such as valuation and shareholding structure.

Fintrackr has decoded these details with its regulatory filings from Singapore.

Glance Pte has passed a resolution to allot 12,295,766 Series D preference shares at issue price of $16.26 per share and 70,084,079 Series D warrants to raise $200 million from Jio Platforms, the company’s regulatory filing in Singapore shows.

After the new round, Jio Platforms owns 20.27% stake in Glance while Inmobi Pte Ltd, Mithril II LP and Google's stake will be diluted to 50.45%, 18.03% and 10.13% respectively. Before this round, InMobi had 63.3% stake in the company whereas Mithril and Google controlled 22.6% and 12.7% stake respectively.

Glance’s new investor Jio Platforms and its existing backer Google are already deeply connected to each other. In July 2020, the search giant had invested $4.5 billion in Jio Platforms as part of a larger plan. Google has plans to invest $10 billion in India over the next few years.

As per Fintarckr’s estimates, Glance has been valued at around $1.6-1.7 billion post allotment of the Series D round. The Naveen Tewari-led company crossed $1 billion valuation mark after a $145 million round led by Google in December 2020. It has raised $390 million to date.

Glance was separated from the InMobi Group in July 2019. Besides Glance, InMobi has two more subsidiaries: advertising technology platform InMobi UMC and data business platform TruFactor.

Glance offers lock screen content services that range between 10 seconds and two minutes long and includes media content, news and casual games on Android phones. It has tied up with over 1,000 media and agencies and several smartphone makers such as Samsung, Vivo, Oppo, Xiaomi and Jio smartphones to pre-install Glance in their popular models. 

On Monday, the Bengaluru-based company claimed that it registered a 30% year-on-year growth in its users. It currently has 180 million active users on the platform. The company crossed the 100 million active users mark in May 2020.

In April, Glance announced that it is partnering with smart television brands to offer its infotainment services on TV lock screens. Besides India, Indonesia, and parts of Southeast Asia, Glance is also expanding its market to countries like US, Brazil, Mexico and Russia. Its revenue couldn’t be ascertained as the company’s holding entity in Singapore is yet to file an annual financial statement for FY21 and FY22.