SUMMARY
- Glance’s revenue from operations grew by 89% YoY from Rs 325 crore in FY23 to Rs 614 crore in FY24.
- Total expenses grew to Rs 1,569 crore in FY24 from Rs 1,448 crore in FY23.
- Glance managed to reduce its losses by 15% to Rs 929 crore in FY24 from Rs 1,094 crore in FY23.
Consumer-tech firm Glance‘s revenue from operations grew by 89% YoY from Rs 325 crore in FY23 to Rs 614 crore in FY24, as reported in its consolidated financial statements submitted by the company’s holding entity in Singapore.
The consumer-tech has tripled its revenue from Rs 178 crore ($22 million) in FY22.
Established in 2019, Glance, is a component of InMobi’s ecosystem, and is renowned for its AI-powered smart lock screen platform, which revolutionizes smartphone interaction. It claims a user base exceeding 300 million. Additionally, Glance integrates other consumer platforms such as Roposo (shoppertainment) and Nostra (gaming).
The company’s advertising services have contributed 54.7% of its total revenue, with an increase of 35.7% YoY, reaching Rs 336 crore in FY24 from Rs 248 crore in FY23. The commerce (shoppertainment) segment accounted for Rs 254 crore in revenue.
Additionally, Glance has generated Rs 15.9 crore from financial income (interest), which took the overall revenue to Rs 640 crore in FY24.
Employee benefits represent the primary cost driver for Glance, accounting for 28.28% of its total expenses. This cost category has seen a slight increase, rising to Rs 444 crore in FY24 from Rs 424 crore in FY23. It includes Rs 71.4 crore as ESOP costs.
The company’s expenses related to shipping, marketing/selling, and infrastructure amounted to Rs 200 crore, Rs 436 crore, and Rs 201 crore, respectively. Other overheads include software, publisher, legal, and travel expenses, which took the total expenses to Rs 1,569 crore in FY24 from Rs 1,448 crore in FY23.
With controlled expenses and satisfactory revenue growth, Glance managed to reduce its losses by 15% to Rs 929 crore in FY24 from Rs 1,094 crore in FY23. This achievement marks the first fiscal year in which the company has managed to narrow its losses.
Glance’s ROCE and EBITDA margin were -1191% and 134.9%, respectively. On a unit level, the company has spent Rs 2.55 to generate a rupee of revenue in FY24.
Glance has secured approximately $390 million in funding and was valued at $1.6 billion in its latest funding round led by Jio Platform in 2022. Jio Platform is the leading external stakeholder with a 20.27% stake, followed by Google with a 10.13% stake. InMobi, its parent company, holds a 50.45% ownership in the company.
Notably, the company’s current assets have been noted Rs 428 crore. Glance’s enterprise value to revenue multiple stands at 21.8X.
