INMOBI’S GLANCE TO MORE THAN DOUBLE FY24 REVENUE, TRIM LOSSES

Consumer technology firm, Glance, which is owned by ad-tech unicorn InMobi, is set to more than double its revenue in FY24, to over $100 million from $39.81 million in the preceding year, sources close to the company said. Losses are also expected to moderate, growing at a single-digit percentage point on the back of revenue ramp-ups and lower costs. In FY23, the company had posted a net loss of $130 million, which was up by 18.6% on year.

Sources said Glance likely saw a boost from its live entertainment platform Roposo, which currently has a gross merchandise value of over $450 million. Glance offers personalised content on the lock screens of smartphones and comes built-in with several android devices. It has an active user base of around 300 million and over the past year, it has launched in global markets such as Japan, US and Latin America.

“They are expecting uptick in revenues once the business from matured markets like Japan and US starts tickling in as consumers in these markets have a higher propensity to consume value added services,” one of the sources said. In a recent media interview, the company’s chief marketing officer Bikash Chowdhury said that Glance has set a target of acquiring one billion users globally, by the end of 2025.

Glance is backed by large investors such as Peter Thiel-backed Mithril Capital, Google and Reliance Industries owned Jio Platforms. In FY23, the company had reported a revenue growth of around 78% over the preceding fiscal year, according to Glance’s filing with Accounting Corporate and Regulatory Authority in Singapore. Glance files it corporate financials in Singapore as the company is registered there.

The company has been trying to trim its expenses by reducing certain spends such as marketing. As per its regulatory filing, the company’s marketing expenses in FY23 dropped by 14% to $31 million as compared to $36 million in FY22. Marketing spends have likely declined in FY24 too.

When contacted by FE, the company declined to comment on its financial numbers and growth forecast. Glance’s parent company InMobi is backed by SoftBank and has maintained profitability over the past several years.

2024-05-06T21:51:12Z dg43tfdfdgfd