Glance's revenue jumps 78% to Rs 317 crore in FY23

Glance, a mobile-first content platform based in Bengaluru, saw its revenue soar to Rs 317 crore in the fiscal year 2023, marking a 77.7% increase from Rs 178 crore in the previous fiscal year.

Despite the revenue growth, the company's losses expanded to Rs 1,067 crore from Rs 900 crore, highlighting the challenges of scaling operations.

Sources of revenue

Glance's primary revenue generator was advertising, which accounted for 76% of its total operating income and surging by 62.6% to reach Rs 242 crore. Other revenue streams included charges on shipping, marketplace operations, and game hosting, contributing to the company's overall financial dynamics.

Rising costs and investment impact

The company's total expenses rose to Rs 1,414 crore from Rs 1,108 crore in FY22. Employee benefits, which include Rs 64 crore in ESOP costs (non-cash), constituted 29% of these expenditures.

Additionally, Glance raised a significant $200 million investment led by Jio Platform at the start of FY23, yet the high infusion of capital has not translated into proportional operational growth.

Stakeholders and valuation

After leading the funding round, Jio Platform emerged as the largest external stakeholder with a 20.27% stake, followed by Google at 10.13%. The parent company, InMobi, retains a 50.45% share. The latest valuation pegs Glance at $1.6 billion.

Glance faces criticism from users who sometimes view its products as intrusive, especially its lock-screen content feature. This has raised concerns about potential regulatory challenges that could impact future growth.