Consumer technology leader Glance has showcased remarkable growth, achieving a 3.4X increase in revenue from Rs 178 crore in FY22 to Rs 614 crore in FY24. This growth highlights its steady upward trajectory, with FY24 revenue representing an 89% year-on-year surge from Rs 325 crore in FY23, as per the financial reports filed by its Singapore-based holding entity.
Launched in 2019 as part of InMobi’s ecosystem, Glance is renowned for its AI-powered smart lock screen technology that engages over 300 million users worldwide. The company’s portfolio also includes platforms like Roposo, specializing in shoppertainment, and Nostra, focused on gaming.
In FY24, advertising services emerged as the primary revenue driver, contributing 54.7% or Rs 336 crore—a 35.7% increase from Rs 248 crore in FY23. Meanwhile, commerce (shoppertainment) revenues stood at Rs 254 crore. Financial income, mainly from interest, added Rs 15.9 crore, bringing the total revenue to Rs 640 crore for FY24.
Employee benefits accounted for 28.28% of Glance’s total expenses, increasing marginally to Rs 444 crore, including Rs 71.4 crore from ESOP costs. Key expenditures included Rs 436 crore on marketing, Rs 201 crore on infrastructure, and Rs 200 crore on shipping, among other operational costs. These factors pushed the overall expenses to Rs 1,569 crore in FY24, up from Rs 1,448 crore in FY23.
Despite its significant expenditure, Glance achieved a milestone by narrowing its losses by 15%, reducing them to Rs 929 crore in FY24 from Rs 1,094 crore in FY23. This marks its first fiscal year of improved financial efficiency. The company’s unit economics showed that it spent Rs 2.55 to generate a rupee in FY24, with an ROCE of -1191% and an EBITDA margin of 134.9%.
Glance has secured $390 million in funding, with a valuation of $1.6 billion during its last $200 million round led by Jio Platforms in 2022. Key stakeholders include Jio Platforms with a 20.27% stake, Google with 10.13%, and parent company InMobi, holding 50.45%.
As of March 2024, Glance’s current assets stood at Rs 428 crore, with its enterprise value-to-revenue multiple estimated at 21.8X, according to Fintrackr’s analysis. This robust financial performance reflects Glance’s effective scaling strategy and operational refinement.