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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 didnu2019t give further details such as valuation and shareholding structure.<br>

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Decoding Glance Series D round and captable

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  1. DecodingGlance Series D roundandcaptable Mobile-firstcontentplatformGlancehadannouncedits$200millionSeriesDfinancingroundfromReliance-ownedJioPlatforms.Whilethecompanydisclosedthesizeoftheround,itdidn’tgivefurtherdetailssuchasvaluationandshareholdingstructure. FintrackrhasdecodedthesedetailswithitsregulatoryfilingsfromSingapore.GlancePtehaspassedaresolutiontoallot12,295,766SeriesDpreferencesharesatissuepriceof$16.26pershareand70,084,079SeriesDwarrantstoraise$200millionfromJioPlatforms,thecompany’sregulatoryfilinginSingaporeshows. Afterthenewround,JioPlatformsowns20.27%stakeinGlancewhileNimbiPteLtd,MitralIILPandGoogle’sstakewillbedilutedto50.45%,18.03%and10.13%respectively.Beforethisround,Nimbihad63.3%stakeinthecompanywhereasMitralandGooglecontrolled22.6%and12.7%stakerespectively. Glance’snewinvestorJioPlatformsanditsexistingbackerGooglearealreadydeeplyconnectedtoeachother.InJuly2020,thesearchgianthadinvested$4.5billioninJioPlatformsaspartofalargerplan.Googlehasplanstoinvest$10billioninIndiaoverthenextfewyears.

  2. AsperFintarckr’sestimates,Glancehasbeenvaluedataround$1.6-1.7billionpostallotmentoftheSeriesDround.TheNaveenTewari-ledcompanycrossed$1billionvaluationmarkaftera$145millionroundledbyGoogleinDecember2020.Ithasraised$390milliontodate.AsperFintarckr’sestimates,Glancehasbeenvaluedataround$1.6-1.7billionpostallotmentoftheSeriesDround.TheNaveenTewari-ledcompanycrossed$1billionvaluationmarkaftera$145millionroundledbyGoogleinDecember2020.Ithasraised$390milliontodate. GlancewasseparatedfromtheInMobiGroupinJuly2019.BesidesGlance,InMobihastwomoresubsidiaries:advertisingtechnologyplatformInMobiUMCanddatabusinessplatformTruFactor.Glanceofferslockscreencontentservicesthatrangebetween10secondsandtwominuteslongandincludesmediacontent,newsandcasualgamesonAndroidphones.Ithastiedupwithover1,000mediaandagenciesandseveralsmartphonemakerssuchasSamsung,Vivo,Oppo,XiaomiandJiosmartphonestopre-installGlanceintheirpopularmodels. OnMonday,theBengaluru-basedcompanyclaimedthatitregistereda30%year-on-yeargrowthinitsusers.Itcurrentlyhas180millionactiveusersontheplatform.Thecompanycrossedthe100millionactiveusersmarkinMay2020.InApril,GlanceannouncedthatitispartneringwithsmarttelevisionbrandstoofferitsinfotainmentservicesonTVlockscreens.BesidesIndia,Indonesia,andpartsofSoutheastAsia,GlanceisalsoexpandingitsmarkettocountrieslikeUS,Brazil,MexicoandRussia.Itsrevenuecouldn’tbeascertainedasthecompany’sholdingentityinSingaporeisyettofileanannualfinancialstatementforFY21andFY22.]

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