InMobi co-founder and CEO Naveen Tewari said the company is looking to reach 1 billion users by building partnerships.
A key executive from digital technology giant InMobi's social media branch Roposo said on Tuesday that the company is in talks with Reliance Retail for a social commerce-related business arrangement that would be launched in the next two quarters.
SoftBank-backed In an interview with PTI, InMobi co-founder and CEO Naveen Tewari said the business aims to achieve 1 billion users in the next 2-3 years by forming partnerships and growing its footprint internationally.
"We're teaming with Reliance Retail to supply the e-commerce back-end for a new generation front - an influencer-led entertainment and commerce commerce experience," Tewari added.
He said that Walmart and TikTok had gone into a similar partnership a year ago to push sales on social media platforms rather than through traditional advertising, but that it had not taken off.
"It turned out to be a fantastic method to conduct business. That is exactly what we are doing here. It will take 3-6 months to complete. We're talking about tying the back-end system together "Tewari explained.
Jio Platforms has purchased a 17 percent share in InMobi's Singapore affiliate Glance for $200 million (approximately Rs 1,500 crore). The business offers a mobile screen lock as well as material to be shown on it. Glance is available on 400 million mobile handsets in Asia.
Glance is valued at $1.8 billion in this deal (roughly Rs. 13,500 crore).
"We required funding since we are developing a worldwide consumer platform. The main reason I decided to invest in Jio is because I admire Mr. Mukesh Ambani's chutzpah in building and disrupting business after industry. Being affiliated with him has been a boyhood goal of mine. Second, they are one of the world's most sophisticated carriers "Tewari said.
Jio's Pragati OS will feature Glance in addition to stake purchases.
Glance is also supported by Google and Mithril Capital, a Silicon Valley-based venture capital firm.
Tewari stated that the investment will be used to boost the company's business in Latin America and the United States at first.
