Reliance Industries is in talks with Google-backed platform Glance for a $300 million investment. As part of the Rs 33,737 crore transaction, Google and Jio aim to expand the benefits of digitization across India and convert its 350 million 2G users to 4G consumers.
If this deal is successfully executed, it will give Reliance access to 151 Mn active users presently active on Glance’s interactive content platform. As per Counterpoint Research, The InMobi Group unicorn has a presence in more than half of the current user base of India’s top four brands of smartphones. The two parties in question are yet to verify the talks. This acquisition is a part of Reliance’s ongoing startup appetite.
As per Morgan Stanley, in the last three years, RIL has spent over $3 Bn in acquisitions across verticals. Earlier this year, it acquired a controlling stake in JustDial for INR 3,497 Cr. It was Reliance Retail’s fourth acquisition after Netmeds, Urban Ladder, and Future Group.
Categories: Other News