Google to make huge investment in this Indian AI company
What's the story
Google is spearheading a funding round for AI-powered Indian software company Glance InMobi Pte, which could make it raise up to $250 million in the coming weeks, according to Bloomberg. However, these discussions remain confidential and the fundraising deal has not been finalized yet, leaving room for potential breakdowns in negotiations. This investment would significantly strengthen Google's foothold in India, where it competes with both local and international technology behemoths inlcuding Microsoft, Meta Platforms, and Amazon.
Market dynamics
Android faces competition from Apple in India
Google's Android mobile operating system holds a significant market share in India, the world's most populous country. However, it is facing increasing competition from rivals like Apple, particularly targeting the country's rapidly growing middle class. Glance InMobi Pte., a mobile content provider that offers a curated screensaver for mobile devices that displays news and other content without unlocking their screens or opening any apps, claims to have over 300 million users in countries including India, US, Japan, and Indonesia.
Company background
Glance's previous funding and founding history
Glance previously secured funding from Google in late 2020 and also received a $200 million investment from Asia's richest man, Mukesh Ambani, in 2022. This investment valued the company at over $1 billion. Glance was co-founded by Naveen Tewari in 2019, who is also an alumnus of Harvard Business School and the founder of mobile-advertising firm InMobi Pte., currently Glance's largest holder. InMobi is planning for an IPO in India next year at a valuation of $10 billion.