Reliance In Talks To Invest $300 Million In Google-Backed Unicorn: Report
NDTV
Reliance Industries Ltd. is considering investing about $300 million in the unicorn backed by Alphabet Inc.'s Google.
Reliance Industries Ltd. is in talks to buy a stake in Indian mobile content provider Glance InMobi Pte, according to people familiar with the matter.
The conglomerate is considering investing about $300 million in the unicorn backed by Alphabet Inc.'s Google, the people said, asking not to be identified as the information is private. The transaction could be completed as soon as in the next few weeks, one of the people said.
Glance InMobi pushes curated news and entertainment content onto phone lock screens and also runs a short-video app. Reliance's investment could involve strategic co-operation along with the financial element, a different person said.
Such a deal would give Reliance access to valuable lock-screen real estate on the affordable mobile phones it's co-developing with Google and slated to hit the market in time for the Diwali shopping season in end October. It would also give Reliance strategic entry into short-video content, a category where users are skyrocketing.
