Decoding Glance Series D round and captable

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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 didnt give further details such
as valuation and shareholding structure. Fintrack
r has decoded these details with its regulatory
filings from Singapore. Glance Pte has passed a
resolution to allot 12,295,766 Series D
preference shares at issue price of 16.26 per
share and 70,084,079 Series D warrants to raise
200 million from Jio Platforms, the companys
regulatory filing in Singapore shows. After the
new round, Jio Platforms owns 20.27 stake in
Glance while Nimbi Pte Ltd, Mitral II LP and
Googles stake will be diluted to 50.45, 18.03
and 10.13 respectively. Before this round, Nimbi
had 63.3 stake in the company whereas Mitral and
Google controlled 22.6 and 12.7 stake
respectively. Glances new investor Jio
Platforms and its existing backer
Google are already deeply connected to each
other. In July 2020, the search giant had
invested 4.5 billion in Jio Platforms as part of
a larger plan. Google has plans to invest 10
billion in India over the next few years.
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As per Fintarckrs estimates, Glance has been
valued at around 1.6-1.7 billion post allotment
of the Series D round. The Naveen Tewari-led
company crossed 1 billion valuation mark after a
145 million round led by Google in December
2020. It has raised 390 million to date. Glance
was separated from the InMobi Group in July
2019. Besides Glance, InMobi has two more
subsidiaries advertising technology platform
InMobi UMC and data business platform
TruFactor. Glance offers lock screen content
services that range between 10 seconds and two
minutes long and includes media content,
news and casual games on Android phones. It
has tied up with over 1,000 media and agencies
and several smartphone makers such as Samsung,
Vivo, Oppo, Xiaomi and Jio smartphones to
pre-install Glance in their popular models. On
Monday, the Bengaluru-based company claimed
that it registered a 30 year-on-year growth
in its users. It currently has 180
million active users on the platform. The
company crossed the 100 million active users
mark in May 2020. In April, Glance
announced that it is partnering with smart
television brands to offer its infotainment
services on TV lock screens. Besides India,
Indonesia, and parts of Southeast Asia, Glance
is also expanding its market to countries like
US, Brazil, Mexico and Russia. Its revenue
couldnt be ascertained as the companys
holding entity in Singapore is yet to file an
annual financial statement for FY21 and FY22.
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