The media reports that the Indian mobile content provider Glance is currently in active negotiations on raising capital as part of a funding round led by the current backer, which is Google.
It is expected that the receipt of investment funds will provide the mentioned startup from a South Asian country with the opportunity to expand the scope of its activities.
Glance InMobi Pte., as reported by the media, citing insiders who are aware of the so-called behind-the-scenes details, plans to raise $250 million within a few weeks. Insiders used the right of anonymity, noting that the expected results of the funding round are discussed exclusively in confidentiality. The fundraising has not yet been completed, which means that there is a risk of breaking down discussions.
For Google, the potential results of the funding round will to some extent determine its ability to further promote its business in India. In the South Asian country, the technology giant competes with several local companies and global peers Microsoft Corp., Meta Platforms Inc., and Amazon.com Inc.
Google’s Android mobile operating system is currently the dominant one in India. At the same time, competition in this space is intensifying. Companies like Apple Inc. are aiming to actively engage with the expanding middle class in India.
Glance offers a specially designed screensaver for mobile devices that shows users content without having to unlock displays or open any apps. The company claims that its client base currently consists of more than 300 million people who live in countries such as India, Indonesia, the United States, and Japan.
The startup raised money from Google in 2020. In 2022, the company won the backing of the richest man in Asia, Mukesh Ambani. The startup’s value has exceeded the $1 billion mark.
As we have reported earlier, Google Reportedly Considers Purchase of Cybersecurity Startup Wiz.
