iWorld
Jio Platforms to invest $200 million in AI-powered Glance
Mumbai: AI-driven lock-screen platform Glance has announced that it has agreed to raise $200 million from Jio Platforms (“Jio”) in its Series D round of funding. The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals.
The proposed investment by Jio is aimed at accelerating Glance’s launch in several key international markets outside of Asia such as the USA, Brazil, Mexico and Russia. The company is aiming to create the world’s largest live content and commerce ecosystem on the lock screen and will use the funds raised to expand globally. In addition to Jio Platforms, Glance is also backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital.
Concurrent with the proposed investment, Glance has also entered into a business partnership arrangement with Reliance Retail Ventures (“Reliance Retail”), providing for Glance’s ‘lock screen platform’ to be integrated into the JioPhone Next smartphones to transform the internet experience for millions of Jio users. This is the latest in a series of strategic partnerships between Glance and global players in the mobile ecosystem. The deal is also expected to lead to further strategic collaborations between Glance, Reliance Retail, and Jio across devices, commerce, content and gaming ecosystem.
Glance will be integrated into the Pragati OS, which has been co-developed by Jio Platforms and Google, to bring LIVE content on Lock Screen for millions of Jio users. Its entertainment-led commerce platform Roposo will bring the power of live creator commerce to Jio users on their lock screen.
Jio Platforms director Akash Ambani said, “Glance has grown at a phenomenal pace over the past two years and has given users a truly unique solution by unlocking the power of the lock screen for experiencing the internet, live content, creator-driven entertainment commerce, and gaming. With the help of this investment, Glance expects to launch in several key markets globally as well as to extend the experience to millions of Jio users, further reinforcing our commitment to provide the most advanced and next-level tech and digital ecosystem for consumers in India and beyond.”
InMobi Group founder and CEO Naveen Tewari added, “Jio’s investment in Glance brings a deep synergy of vision and philosophy. Jio is a truly disruptive company. It made the internet accessible for millions of users, making India one of the largest internet markets in the world. Reliance is now disrupting the smartphone market with the launch of its JioPhone Next smartphones. Jio’s investment in Glance and Glance’s presence on the lock screen of JioPhone Next smartphones will lead to a paradigm shift in how its users experience the internet.”
“Glance has created a disruptive lock screen-first discovery platform for live content, commerce and gaming in Asia, and we intend to scale it globally going forward,” shared InMobi Group co-founder and Glance president and COO Piyush Shah. “Jio’s investment is a huge validation of this vision and gives us the firepower to take the innovative experience of Glance to surfaces across the world. We look forward to working with Jio to build the content, creator and commerce ecosystem of the future together.”
Morgan Stanley acted as the exclusive financial advisor and Khaitan & Co. acted as the legal counsel to Glance. White & Case and K Law acted as the legal counsels and Ernst & Young provided accounting and tax due to diligence services to Jio Platforms.
iWorld
Anirudh Ravichander and Universal Music India join forces to take South India’s sound to the world
The composer behind 13 billion streams launches Albuquerque Records with UMI as its exclusive global partner
MUMBAI: Universal Music India has struck an exclusive partnership with Albuquerque Records, the freshly minted independent label of singer-composer Anirudh Ravichander, in a deal that bets big on South India’s booming pop and hip-hop scene going global.
The arrangement, announced on 17 March, will see Universal Music India handle future pop and hip-hop releases by Anirudh himself, as well as artists signed to the new label. A first release is already in the pipeline for April, featuring Anirudh.
The numbers behind the man are hard to ignore. Debuting in 2012 with the viral sensation “Why This Kolaveri Di”, Anirudh has since clocked over 13 billion audio streams across more than 770 tracks, cementing his position as the No.1 South Indian artist on Spotify by total streams. His fingerprints are all over some of the Tamil film industry’s biggest musical moments, from Hukum and Vaathi Coming to Arabic Kuthu and the A23 Theme.
But Albuquerque Records is a different beast. Built for the non-film space, it is designed to nurture independent talent and champion the next wave of Indian pop voices. “Universal Music India’s leadership in pop and hip-hop made them the natural partner,” said Anirudh. “I’m excited to take independent voices to audiences around the world.”
Universal Music India’s chairman and CEO Devraj Sanyal was equally effusive. “Anirudh represents the future of Indian music, bold, original, and with enormous potential,” he said. “Identifying transformative talent is our superpower, and this partnership reflects that belief.”
Sanujeet Bhujabal, managing director of Universal Music India, framed the deal as more than a distribution play. “Albuquerque Records represents Anirudh’s bold artistic vision in the world of pop and hip-hop,” he said. “True to his legacy of innovation, this partnership is set to establish yet another landmark creative space, this time for the emerging world of iPop and beyond.”
For Universal Music India, the deal deepens a long-running push into South India’s four key language markets: Tamil, Malayalam, Kannada and Telugu. The label already has regional imprints, film partnerships with Maddock Films and Excel Entertainment, and a growing non-film roster. Landing Anirudh, arguably the south’s most bankable music brand, is a statement of intent. South Indian music has the streams. Now it is coming for the world.
