Glance is a company offering mobile lock screen content management and advertising solutions that announced an 89 percent increase in its operational revenue to Rs 614 crore in FY24. The startup provides an AI-based smart lock screen platform to transform the way users engage with smartphones. Advertisement services are the company’s main source of revenue. The startup allows users to manage mobile displays to manage games, movies, and more.
Entrackr mentioned in its report that the firm also earns its income through Commerce segment which stood at Rs 254 crore in FY24. The financial income pushed the overall revenue to Rs 640 crore in this financial year. These advertising services accounted for 54.7 percent of the total revenue and increased by 35.7 percent to Rs 336 crore in FY24. The company has secured over 390 million USD across three funding rounds since its inception, including $200 million raised during its series D funding round from Jio in 2022.
Glance uses advanced technologies to help users impress their family, friends, or surroundings and manage the content of interest in vernacular languages. This company also offers several advertising solutions. The legal, publishing, software, marketing, travel, and other expenses took the overall expenses to Rs 1,569 crore in FY24. The shipping charge stood at Rs 200 crore followed by marketing at Rs 436 crore while the infrastructure costs were around Rs 201 crore in FY24.
The Bengaluru-based company focuses on improving its business model while offering innovative solutions, positioning it well in the global market. The company plans to control its losses through cost-cutting measures. The EBITDA margin also declined and stood at -134.94 percent while the ROCE also went negative to -1,191.35 percent. However, the startup claims to have a current asset of Rs 428 crore. The company faces competition from other advertising platforms in the same market segment such as Mobile Posse, and Affle.
The company’s total expenditure increased by 8.3 percent to Rs 1,569 crore in this fiscal year. The startup reported a 15 percent decline in its losses to Rs 929 crore for this financial year. The data intelligence platform, thekredible mentioned that the Jio platform is the largest external stakeholder of the firm with a 20.27 percent stake followed by Google with 10.13 percent of the total stake.
Conclusion :
Glance announced an 89 percent increase in operational revenue to Rs 614 crore. This startup offers advertisement and smart lock screen platform services. These advertisement services and financial income are the firm’s primary source of revenue. The company has investors including Google and the Jio platform. The startup had a 15 percent decrease in its losses to Rs 929 crore in FY24.
The total expenditure of the firm increased by 8.3 percent and crossed Rs 1,569 crore in the same duration. The company plans to reduce its losses by cutting down on its expenses on employee benefits. These employee benefits took 28.28 percent of the overall expenditure in this financial year.
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