India’s Reliance Industries is investing $200 million (roughly Rs. 1,510 crore) in Look, a lock display screen content material firm backed by Alphabet and owned by ad-tech agency InMobi, to carry the service to new Jio smartphones this yr, the businesses mentioned on Monday.

The funding, made by means of Reliance’s Jio Platforms unit, values Look at $1.7 billion to $1.8 billion (roughly Rs. 12,800–13,600 crore) post-money, based on a supply concerned within the deal.

The combination will permit Reliance’s retail companies to promote merchandise on to Jio customers by means of Look, a platform that delivers personalised information, leisure content material and reside movies to smartphone lock screens.

Look could possibly be on “lots of of tens of millions” of Jio telephones this yr, InMobi Group Founder and Chief Government Officer Naveen Tewari mentioned in a telephone interview.

Billionaire Mukesh Ambani’s Reliance launched its Jio Cellphone Subsequent on November 4, however gross sales figures haven’t been publicly disclosed.

Ambani has been steadily shopping for stakes in shopper web companies and tying these companies into Reliance Jio, as he appears to be like to create a know-how behemoth that comes with connectivity, content material and commerce.

“The deal can be anticipated to result in additional strategic collaborations between Look, Reliance Retail, and Jio throughout units, commerce, content material and gaming ecosystem,” InMobi mentioned in a press release.

Look is on the market on default in 60 p.c to 65 p.c of recent smartphones offered in India, because of tie-ups with Samsung, Xiaomi, Vivo, Oppo, and Realme, Tewari mentioned.

It would use the recent funds to broaden to US and Latin American markets, and can be testing new methods of content-driven commerce by means of reside movies.

The corporate is backed by Peter Thiel’s Mithril Capital and Alphabet, which invested $100 million (roughly Rs. 750 crore) in December 2020.

© Thomson Reuters 2022


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