Mobile content provider Glance InMobi Pte. is in advanced talks to secure up to $250 million in a funding round led by existing backer Google, according to sources familiar with the matter. The move aims to bolster the Indian startup’s expansion efforts and strengthen its market presence globally.
Sources, who asked not to be identified as the discussions are private, revealed that the fundraising deal could be finalized within a few weeks. However, they cautioned that the discussions are ongoing and may still fall through.
This significant investment underscores Google’s intensified focus on India, the world’s most populous country, where it competes with local giants and global players such as Microsoft Corp., Meta Platforms Inc., and Amazon.com Inc. Google’s Android operating system currently dominates the Indian market, though competition from Apple Inc. is increasing as tech companies target the nation’s rapidly growing middle class.
Representatives from Google, a unit of Alphabet Inc., did not respond to requests for comment. Meanwhile, a Glance representative stated that the company does not comment on speculation.
Glance offers a unique service that delivers curated content directly to mobile device screensavers, providing users with news and other updates without the need to unlock their devices or open any apps. The startup claims to have more than 300 million users across India, the US, Japan, and Indonesia.
The upcoming funding round follows previous investments from notable backers. In late 2020, Google made its initial investment in Glance, and in 2022, Asia’s richest man, Mukesh Ambani, invested $200 million, valuing the company at over $1 billion.
Glance’s largest shareholder is InMobi Pte., a mobile-advertising firm. Naveen Tewari, an alumnus of Harvard Business School, founded InMobi in 2007 alongside fellow engineering and business-school peers. InMobi, which gained the support of SoftBank Group Corp., became the first venture-backed Indian startup to achieve unicorn status in 2011. Tewari subsequently co-founded Glance in 2019.