Glance Secures Rs 200 Crore in Debt Financing

Glance is raising Rs 200 crore (approximately $23 million) through debt financing from Stride Ventures. This initiative marks the first instance of debt financing for Glance and the first opportunity for fund infusion in the last three years, following the significant $200 million Series D funding round from Jio Platforms in February 2022.

The board of the company has approved a special resolution to issue 20,000 non-convertible debentures to Stride Ventures at an issue price of Rs 1,00,000 each, intending to gather Rs 200 crore, as indicated in its regulatory documentation obtained from the Registrar of Companies.

Glance, a company registered in Singapore, plans to utilize the funds for growth, expansion, and various corporate activities, according to its regulatory filings.

About Glance’s Mobile-First Content Platform

Glance operates as a mobile-first content platform that features Glance Lock Screen, which delivers content and advertisements directly on mobile lock screens. Additionally, the Home Screen feature allows users to customise their displays with the latest news, films, sports updates, travel information, and gaming content, among others.

Funding History and Performance

According to various sources from a startup data intelligence platform, Glance has raised a cumulative total of $390 million in equity financing from notable investors such as Reliance-owned Jio Platforms, Google, and Mithril.

The company reported an impressive nearly 90% increase in operating revenue, achieving Rs 600 crore in FY24, despite incurring losses amounting to Rs 929 crore.

Glance ascended to unicorn status in December 2020 after successfully raising $145 million from Google and US-based venture capital firm Mithril. Reports indicate that the company was in negotiations to secure an additional $250 million, primarily led by Google. In 2023, Glance’s parent company, InMobi, secured $100 million in debt financing from MARS Growth Capital, a joint initiative between MUFG and Liquidity Group.