InMobi's Glance Posts Rs 1,000-Crore Loss In FY23
Glance is based in Singapore and primarily operates a platform that creates personalised lockscreen content for smartphone users.
InMobi-owned smartphone lockscreen content platform Glance has posted a growth in scale as well as Rs 1,000-crore losses in financial year 2023. According to financials accessed via TheKredible, it posted a revenue of operations of Rs 317 crore in fiscal 2023, up 78% from Rs 178 crore in fiscal 2022. However, its loss also crept up from Rs 900 crore to Rs 1,067 crore in fiscal 2023.
The Naveen Tewari-led firm raised a large $200 million round, led by Reliance's Jio Platforms in February 2022, or at the beginning of FY23. Though the investment contributed to topline growth, it couldn't stem the bottomline bleed.
Glance is based in Singapore and primarily operates a platform that creates personalised lockscreen content for smartphone users, which would explain the 62% contribution of advertising to its topline. It also operates a social media sharing platform; Roposo, social shopping platform Shop101 and a gaming app called HiScore.