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Reliance is set to take a roughly 15% stake in lock-screen content platform Glance, which is a subsidiary of India’s premier unicorn InMobi, sources told CNBC-TV18 on Tuesday.

They said Reliance was at a fairly late stage in talks to invest $ 250 million to $ 300 million in Glance and that the deal could be done within a month.

According to Counterpoint Research, Glance has 151 million active users in India in the second quarter of 2021 and one in four Indian smartphone users is now active on the platform, which is available on Android phones.

However, Reliance and Glance have not commented on the development.

Glance, launched by InMobi in 2019, became a unicorn in December 2020 after funding from Google and other investors such as Mithril Capital.
RIL shares traded 0.6% more at Rs 2,539.30 late in the afternoon, after hitting a record high of Rs 2,565 earlier in the day. On Monday, the conglomerate’s market capitalization hit the Rs 17 lakh crore mark for the first time, solidifying its position as India’s most valuable company.

Disclosure

: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

(Edited by : Kanishka Sarkar)

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