Glance, the AI-powered subsidiary of contextual advertisement tech player InMobi, has raised around $23 million in debt financing from Stride Ventures, marking its first debt funding and first capital infusion since 2022, according to regulatory filings. The funds will support growth, expansion and general corporate activities.
This funding comes as parent company InMobi prepares to file a draft red herring prospectus (DRHP) with Sebi for a potential IPO at an $8-10 billion valuation by early April. Sources familiar with the matter indicate that Glance, which has raised a total of $390 million in equity funding, is also planning a separate listing, though this is at least “2-3” years away.
The platform, which delivers personalised content, including news, entertainment, sports, games and commerce, directly to mobile and TV lock screens, reported a nearly 90% surge in operating revenue to to $73.1 million in FY24 from $38.7 million in FY23. However, net losses narrowed only marginally from $130.2 million to $110.6 million as it continued investing in growth and product development.Â
The company has reportedly set a 12-month timeframe to reach profitability. For this, the company is banking on its recent strategic partnership with Google Cloud to develop generative AI solutions for its ecosystem worldwide, amongst other things. The collaboration will leverage Google’s AI models to enhance user experiences across its 300 million active users in India, Indonesia, Japan, the US and other markets.​​​​​​​​​​​​​​​​
Ownership of Glance is divided among InMobi (50.5%), Google (20.3%) and Jio Platforms (10.1%), according to November 2023 data from Tracxn. Meanwhile, InMobi’s captable sees promoters and employees collectively own about 50% of the company, followed by SoftBank Group with just under 40%. Other major investors include Kleiner Perkins Caufield & Byers and Sherpalo Ventures.
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