Glance (1) is a mobile content platform owned by InMobi, the first Unicorn of India. It also houses Roposo, the short-video app. The startup is looking to hit unicorn valuation with its next funding round.
The Founder and CEO of InMobi, Naveen Tiwari, stated that they believe that the valuation of the B2C business of InMobi is beyond of a unicorn. In the upcoming fundraising, its value will jump at 1 billion USD.
Tiwari did not make any comments on the upcoming funding round. However, he confirmed that Glance would soon raise funds in the forthcoming six months. As per the reports, Glance may raise up to 100 million USD in its next fundraise.
Glance to Launch Multiple New Platforms
InMobi is preparing itself to go on public listing soon. The ad-tech platform was founded in 2007 by Naveen Tewari, Abhay Singhal, Mohit Saxena, Piyush Shah, and Amit Gupta. Last year, the company went for restructuring and launched three subsidiaries, InMobi UMC, Glance, and TruFactor.
The trials for Glance began in 2018, and it has been for work since 2015. It brings AI-based, personalized content to the screen zero of smartphones.
Last September, Glance had secured 45 Million USD from Mithril Capital. It is an Austin-based growth-stage investment firm. It is cofounded by Ajay Royan and Peter Thiel, Silicon Valley investors.
The startup is also planning to expand itself in Southeast Asia. The company will soon launch multiple verticles, including TV, Gaming, Shopping, and Nearby.
These platforms will provide users different experiences, including a short-form video platform, a destination for casual games, eCommerce, and a hyperlocal experimental place.
Notably, Glance and Roposo, acquired in November 2019, have over 100 million daily active users in India. People spend over 30 minutes on the platform.
During the coronavirus pandemic and lockdown, the company also added COVID-19 insurance, gaming, and other similar offerings. The move further accelerated the growth of the platform. Currently, the company claims that it has over 25 million monthly active users on its gaming platform.
Author: Rucha Joshi
Source : https://timesnext.com/glance-to-hit-indias-unicorn-club-with-next-fundraise/
Date : 2020-09-08T09:48:56.000Z