Reliance In Talks To Make investments $300 Million In Google-Backed Unicorn: Report



Reliance In Talks To Invest $300 Million In Google-Backed Unicorn: Report

Reliance’s funding might be accomplished within the subsequent few weeks, a report mentioned.

Reliance Industries Ltd. is in talks to purchase a stake in Indian cell content material supplier Look InMobi Pte, based on folks conversant in the matter.

The conglomerate is contemplating investing about $300 million within the unicorn backed by Alphabet Inc.’s Google, the folks mentioned, asking to not be recognized as the knowledge is personal. The transaction might be accomplished as quickly as within the subsequent few weeks, one of many folks mentioned.

Look InMobi pushes curated information and leisure content material onto cellphone lock screens and likewise runs a short-video app. Reliance’s funding might contain strategic co-operation together with the monetary ingredient, a distinct individual mentioned.

Such a deal would give Reliance entry to priceless lock-screen actual property on the inexpensive cell phones it is co-developing with Google and slated to hit the market in time for the Diwali procuring season in finish October. It will additionally give Reliance strategic entry into short-video content material, a class the place customers are skyrocketing.

Deliberations are ongoing and Reliance might determine to not proceed with the funding, the folks mentioned. A consultant for Look didn’t instantly reply to an e-mail looking for remark, whereas a Reliance consultant declined to remark.

Google agreed final 12 months to speculate $4.5 billion in a partnership with Reliance, which included plans for a low-cost smartphone as a part of Reliance Chairman Mukesh Ambani’s efforts to construct a neighborhood expertise titan. The cellphone was set for its debut earlier this month, however the launch was delayed as a result of world scarcity of semiconductors.

Look InMobi was based in 2019 and has about 130 million day by day lively customers. Its Roposo app gives quick movies in a dozen Indian languages. The corporate, whose backers additionally embrace Peter Thiel’s Mithril Capital, agreed to amass e-commerce startup Shop101 in June.

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