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ReelSaga raises $2.1 Mn in seed round led by Picus Capita

EntrackrEntrackr · 2m ago
ReelSaga raises $2.1 Mn in seed round led by Picus Capita
Medial

ReelSaga, a mobile-first entertainment startup, has raised $2.1 million in a seed funding round led by Picus Capital. The round also saw participation from ITI Growth Opportunities Fund, Nazara Technologies, 8i Ventures, Waveform Ventures, Warmup Ventures, Bombay54, Bharat Founders Fund, and several angel investors. The proceeds will be used to enhance app development and produce high-quality, localized content targeted at mobile users in India, Southeast Asia, and the Middle East regions. Founded in 2024 by Shubh Bansal, Shanu Vivek, and Ritesh Pandey, ReelSaga’s platform offers vertical, short-form dramas ranging from 1–2 minutes per episode, blending storytelling with quick, binge-worthy content. The founders, who previously co-founded Truebil (later acquired by Spinny), aim to redefine mobile entertainment through hyper-personalized content powered by data science and product innovation. Microdramas—a popular format in China with over 5,000 series produced each year—are emerging as a mainstream entertainment choice. ReelSaga plans to introduce this trend to India with localized, emotionally engaging short episodes. ReelSaga’s app is now live, marking its entry into India’s evolving digital entertainment landscape.

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.

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