Reliance’s Jio Platforms invests $200 million in AI-powered cell startup Jhalak

Indian billionaire Mukesh Ambani’s Jio Platforms, the tech arm of Reliance Industries, has invested $200 million in Look, the cell content material startup of multinational tech firm InMobi.

Look, backed by Google and PayPal co-founder Peter Thiel’s Silicon Valley-based enterprise fund Mithril Capital, makes use of an algorithm to ship personalised information, leisure content material, gaming and dwell video to smartphone lock screens.

In response to its web site, greater than 400 million smartphones have been bought with Look’s function.

The startup attained unicorn standing in December 2020, simply 18 months after its inception, and is now valued at as much as $1.8 billion.

Akash Ambani, Director, Jio Platforms, mentioned within the announcement, “Look is predicted to broaden the expertise of thousands and thousands of Jio customers in addition to launch in a number of key markets globally.”

Jio Platforms’ funding will assist Look broaden internationally exterior Asia, together with the US, Brazil, Mexico and Russia, aiming to create the world’s largest dwell content material and commerce ecosystem on smartphone lock screens.

Reliance is diversifying its tech investments, final week saying plans to purchase a 25% stake in $15 million Silicon Valley-based deep tech startup Two Platforms.

Harvard Enterprise Faculty, Look’s founder alum Naveen Tiwari additionally based InMobi in 2008—which grew to become India’s first unicorn in 2011—after working at Silicon Valley-based VC corporations Charles River Ventures and McKinsey & Co.

Look acquired leisure and commerce video-sharing app Roposo in November 2019 and reselling e-commerce app Shop101 in June 2021 to combine creator-led commerce on its lock display platform.

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