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InMobi, Glance, NoBroker, Yulu, Knowlarity founders pledge Rs 100 Cr for IIT Kanpur school

EntrackrEntrackr · 9d ago
InMobi, Glance, NoBroker, Yulu, Knowlarity founders pledge Rs 100 Cr for IIT Kanpur school
Medial

InMobi, Glance, NoBroker, Yulu, Knowlarity founders pledge Rs 100 Cr for IIT Kanpur school The Class of 2000 alumni from the Indian Institute of Technology (IIT) Kanpur has committed Rs 100 crore to establish a new academic unit called the Millennium School of Technology and Society (MSTAS) at the institute. The announcement was made during the batch’s silver jubilee reunion held in Kanpur. The proposed school will focus on the intersection of technology, public policy, ethics, and societal impact, and is positioned as a complement to IIT Kanpur’s existing strengths in engineering and science. The contribution is among the largest pledges made by a single graduating batch to an Indian academic institution. Often referred to as the Millennium Batch, the Class of 2000 is known for its strong presence in entrepreneurship and global technology leadership. Alumni from the batch have founded or co-founded companies such as InMobi and Glance, NoBroker, Yulu, Knowlarity, and Card91, and have also been involved in ventures like Cohesity and Martini. Some members were early employees at WhatsApp. Several alumni from the cohort currently hold or have held senior roles at global organisations including Nvidia, Microsoft, Amazon, Intel, BCG, Morgan Stanley, and GIC. The batch has produced three unicorns such as InMobi, Glance, and NoBroker, the highest number from any IIT Kanpur batch so far. As part of the collective pledge, Naveen Tewari, founder and CEO of InMobi and Glance, has committed Rs 30 crore individually. According to IIT Kanpur, the new school aims to encourage interdisciplinary education and leadership development, with an emphasis on understanding the broader implications of technology-driven change. Alumni involved in the initiative described it as a long-term institution-building effort. The timeline and operational details of MSTAS are expected to be outlined by the institute in the coming months.

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Exclusive: InMobi’s Glance set to raise Rs 200 Cr debt

EntrackrEntrackr · 10m ago
Exclusive: InMobi’s Glance set to raise Rs 200 Cr debt
Medial

Glance, a mobile-first content platform, is raising Rs 200 crore (around $23 million) in debt from Stride Ventures. This marks its first debt financing and the first fund infusion in three years, following its $200 million Series D round from Jio Platforms in February 2022. The company’s board has passed a special resolution to issue 20,000 non-convertible debentures to Stride Ventures at an issue price of Rs 1,00,000 each to raise Rs 200 crore, according to its regulatory filing accessed from the Registrar of Companies. The Singapore-incorporated company will utilize the proceeds for growth, expansion, and general corporate activities, as per filings. Glance is a mobile-first content platform that powers Glance Lock Screen, offering content and ads directly on mobile lock screens. Its Home Screen feature lets users personalize displays with news, movies, sports, travel, and games, among others. According to startup data intelligence platform TheKredible, Glance has raised a total of $390 million in equity funding from investors, including Reliance-owned Jio Platforms, Google, and Mithril. Glance reported a nearly 90% surge in operating revenue to Rs 600 crore in FY24 while incurring a loss of Rs 929 crore. Glance became a unicorn in December 2020 after raising $145 million from Google and US-based VC Mithril. The company was reportedly in talks to secure $250 million, led by Google. In 2023, Glance’s parent company, InMobi, raised $100 million in debt financing from MARS Growth Capital, a joint venture between MUFG and Liquidity Group.

InMobi secures $100 Mn debt for AI expansion

EntrackrEntrackr · 1y ago
InMobi secures $100 Mn debt for AI expansion
Medial

InMobi, which offers mobile advertising network software, has secured $100 million in debt financing from MARS Growth Capital, a collaboration between MUFG and Liquidity Group. This investment is set to propel InMobi’s ambitious plans for artificial intelligence (AI) development and strategic acquisitions, the company said in a press release. It further aims to offer brands and consumers more immersive, personalized experiences beyond traditional ad units. While InMobi is raising new funds after a gap of five years, it raised back to back capital for its mobile-first content platform Glance from the likes of Jio and Google. For the uninitiated, InMobi was India’s first unicorn which attained the coveted status in 2011. InMobi offers a range of products, including mobile display ads, native ads, and app install campaigns, leveraging advanced machine learning and AI technologies to optimize ad performance. With a significant presence in over 165 countries, it helps businesses connect with their target audiences across various mobile platforms and drive user acquisition and engagement. Headquartered in Singapore, it has a large presence in San Francisco and operations around the globe. “AI is the cornerstone of our technology. With MARS Growth Capital’s support, we can accelerate our efforts to revolutionize digital interactions and advertising,” said Naveen Tewari, CEO of InMobi. As per media reports,InMobi is planning an initial public offering (IPO) in India in the second half of next year. The company is looking at a valuation of $10 billion. It’s also planning to move its domicile from Singapore to India in the coming months.

InMobi’s Glance records 77% growth in FY23; losses cross Rs 1,000 Cr

EntrackrEntrackr · 1y ago
InMobi’s Glance records 77% growth in FY23; losses cross Rs 1,000 Cr
Medial

Mobile-first content platform Glance raised a $200 million round led by Reliance-owned Jio Platform at the onset of FY23 but the staggering investment did not translate into corresponding growth. Nevertheless, the Bengaluru-based firm managed 77.7% growth in its operating scale with a modest growth in losses which crossed Rs 1,000 crore in FY23. Glance’s revenue from operations grew to Rs 317 crore in FY23 from Rs 178 crore in FY22, its consolidated financial statements filed by the group’s holding entity in Singapore show. Launched in 2019 in Singapore as a separate entity of Inmobi, it introduced the lock-screen feature for Android-powered smartphones. Glance offers content ranging from 10-second to two-minute segments, encompassing news updates, short videos, and solo gaming experiences. Income from advertising comprised 76% of its total operating revenue which spiked 62.6% to Rs 242 crore in FY23. Shipping, marketplace, and games hosting were some other revenue drivers for Glance in the said period. See TheKredible for the complete revenue breakdown. Similar to other funded tech unicorns, its employee benefits accounted for 29% of overall expenditure. This cost increased by 24.8% to Rs 413 crore in FY23 and it includes Rs 64 crore ESOP cost (non-cash). Glance’s burn on infra, consultancy, marketing and selling, content creation, shipping, software licensing, and other overheads took its total expenditure to Rs 1,414 crore in FY23 from Rs 1,108 crore in FY22. Head to TheKredible for the detailed expense breakup. Expense Breakdown Total ₹ 1108 Cr https://thekredible.com/company/glance/financials View Full Data To access complete data, visithttps://thekredible.com/company/glance/financials Total ₹ 1414 Cr https://thekredible.com/company/glance/financials View Full Data To access complete data, visithttps://thekredible.com/company/glance/financials Employee benefit Employee benefit Infrastructre cost Infrastructre cost Professional and consultancy Professional and consultancy Marketing and selling Marketing and selling Content creation Content creation Shipping and related cost Shipping and related cost Software and license Software and license Travelling Travelling Others To check complete Expense Breakdown visit thekredible.com View full data Unlike its scale, Glance’s losses grew only 18.6% to Rs 1,067 crore in the fiscal year ending March 2023 from Rs 900 crore in FY22. Its ROCE and EBITDA margin were recorded at -116% and -305% respectively. On a unit level, the firm spent Rs 4.46 to earn a rupee in FY23. Glace has raised around $390 million and was valued at $1.6 billion in its last round of $200 million led by the Jio Platform in 2022. According to the startup data intelligence platform TheKredible, Jio Platform is the largest external stakeholder with 20.27% followed by Google which owns 10.13%. Its parent company InMobi commands 50.45% of the company. Glance’s current assets stood at $108 million including cash and bank balances, trade receivables, and inventories during FY23. As per the Fintrackr estimates, its enterprise value to revenue multiple was 41X. FY22-FY23 FY22 FY23 EBITDA Margin -474% -305.1% Expense/₹ of Op Revenue ₹6.21 ₹4.46 ROCE -347% -116% Glance faces the challenge of being a product that is certainly not a priority, even being considered a nuisance by many of its users. That it has the numbers it has is of course thanks to being bundled with handsets that dominate the Indian Android smartphone market. For all its protestations about not being an Adware, the majority of revenues from advertising tell a different story. The acquisition of Roposo and Shop 101 to make it more meaningful has also not really delivered the results the firm had hoped for. The firm needs to make a compelling case for its users to not disable it on their phones. We believe the firm needs to find that answer quickly to reduce the risk of regulatory action that could seriously disrupt its growth plans in the future.

Glance crosses Rs 600 Cr revenue in FY24 with improved economics

EntrackrEntrackr · 1y ago
Glance crosses Rs 600 Cr revenue in FY24 with improved economics
Medial

Consumer technology company Glance has demonstrated impressive financial performance over the past two fiscal years (FY23 and FY24) registering a 3.4X growth from Rs 178 crore or $22 million in FY22 to Rs 614 crore or $73.1 million during the fiscal year ending March 2024. Glance’s revenue from operations grew 89% year-on-year to Rs 614 crore in FY24 from Rs 325 crore in FY23, according to its consolidated financial statements filed by the group’s holding entity in Singapore. Launched in 2019, Glance which is part of InMobi's ecosystem, is known for its AI-powered smart lock screen platform that transforms the way users engage with their smartphones. It has a user base of over 300 million. It brings together other consumer platforms like Roposo (shoppertainment) and Nostra (gaming) Advertising services contributed 54.7% of total revenue, growing by 35.7% to Rs 336 crore in FY24 from Rs 248 crore in FY23. Revenue from the commerce (shoppertainment) segment stood at Rs 254 crore. Glance also earned Rs 15.9 crore from financial income (interest) which tallied the overall revenue to Rs 640 crore in FY24. Like many technology startups, employee benefits were the largest cost driver for Glance, accounting for 28.28% of its total expenses. This cost saw a marginal increase, rising to Rs 444 crore in FY24 from Rs 424 crore in FY23. It includes Rs 71.4 crore as ESOP cost. Glance’s shipping, marketing/selling, and infrastructure costs stood at Rs 200 crore, Rs 436 crore and Rs 201 crore, respectively. Software, publisher, legal, and travel are some other overheads that took the overall burn to Rs 1,569 crore in FY24 from Rs 1,448 crore in FY23. The decent scale and controlled expenditure helped Glance to reduce its losses by 15% to Rs 929 crore in FY24 from Rs 1,094 crore in FY23. Notably, this marks the first fiscal year in which the company narrowed losses. Its ROCE and EBITDA margin stood at -1191% and 134.9% respectively. On a unit level, it spent Rs 2.55 to earn a rupee in FY24. Glace has raised around $390 million and was valued at $1.6 billion in its last round of $200 million led by the Jio Platform in 2022. According to the startup data intelligence platform TheKredible, Jio Platform is the largest external stakeholder with 20.27% followed by Google which owns 10.13%. Its parent company InMobi commands 50.45% of the company. Glance’s current assets stood at Rs 428 crore. As per the Fintrackr estimates, its enterprise value to revenue multiple was 21.8X.

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