Google-backed Glance targets profitability in yr, eyes AI-powered growth

Glance, the subsidiary of mobile advertisement player InMobi, has set a time-frame of 12 months to reach profitability. This is on the back of its foray into the US market but also because of some of its artificial intelligence (AI) powered offerings.

“Glance will be profitable in the next 12 months,” said Naveen Tewari, co-founder and CEO of InMobi.

While one reason for a profitable growth is expansion into the US markets, Tiwari is keen on the generative AI powered offering, which is expected to be launched in the next four to six weeks.

Glance revenue for FY24, according to a report filed by Entrackr, came in at Rs 614 crore, up 89 per cent on a year-on-year basis. The firm’s loss came in at Rs 929 crore in FY24, down from Rs 1,094 crore in FY23.

Glance is a five-year old company. It has over 300 million global users, with 235 in India. Glance as a software platform is available in over 450 million smartphones (globally). Some of the OEMs that Glance works with include Samsung, MI, Vivo, Oppo, realme, Jio and others.

Tiwari is excited about the company’s second offering based on generative AI. “The next version of Glance, which is called Glance AI, is the most advanced version of AI. This is our second offering powered by generative AI. With this we are looking at shopping which is powered by generative AI. We have already launched in Beta,” he explained.

Tiwari further explains that the company has built AI agents with a vertical focus based on what users want the most. The first agent that will be launched by Glance in perhaps the next four to six weeks in on fashion. At present the app is in beta.

He adds that the app will be trained on the user, the app takes a picture of the individual and it generates a new image of the user, every time one swipes to open their phone… a new image of the user will be generated.

“These are real images that have been processed by the AI engine on my phone, which has understood my interests…and every time you power up the phone, the lock screen refreshes with a new image/avatar of yours,” he narrates. He also adds that the app will adhere to all the regulations and also the fact that the user takes their own picture.

What a user can do with the Glance app, as Tewari envisages that if a user sees themselves in an image wearing the latest summer drop from their favourite brand, the user can simply tap ‘Buy’ on the lock screen, seamlessly entering the brand’s catalog without unlocking the phone. For this to happen Glance has tie-ups with close to 400 brands already.

The first verticalised AI agent that is being launched is focused on fashion, but Tewari says there are many in the pipeline. Some of these could be accessories, travel etc. “We launched the fashion AI agent in beta version and the results are fantastic.”

Glance turned unicorn in 2020 as it raised funds from Google and Mithril (an existing investor then). In 2021, Jio Platforms invested $200 million in the company.

When asked about the IPO plans of InMobi, Tewari simply says ‘it will happen’. While he did not comment any further, reports have said that the IPO would value InMobi in the range of $8-$10 billion.