Decoding Look Sequence D spherical and captable

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Cell-first content material platform Look had introduced its $200 million Sequence D financing spherical from Reliance-owned Jio Platforms. Whereas the corporate disclosed the scale of the spherical, it didn’t give additional particulars resembling valuation and shareholding construction.

Fintrackr has decoded these particulars with its regulatory filings from Singapore.

Look Pte has handed a decision to allot 12,295,766 Sequence D desire shares at challenge worth of $16.26 per share and 70,084,079 Sequence D warrants to lift $200 million from Jio Platforms, the corporate’s regulatory submitting in Singapore exhibits.

After the brand new spherical, Jio Platforms owns 20.27% stake in Look whereas Inmobi Pte Ltd, Mithril II LP and Google’s stake will probably be diluted to 50.45%, 18.03% and 10.13% respectively. Earlier than this spherical, InMobi had 63.3% stake within the firm whereas Mithril and Google managed 22.6% and 12.7% stake respectively.

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Shruti Gupta | Entrackr

Look’s new investor Jio Platforms and its current backer Google are already deeply related to one another. In July 2020, the search big had invested $4.5 billion in Jio Platforms as half of a bigger plan. Google has plans to take a position $10 billion in India over the following few years.

As per Fintarckr’s estimates, Look has been valued at round $1.6-1.7 billion publish allotment of the Sequence D spherical. The Naveen Tewari-led firm crossed $1 billion valuation mark after a $145 million spherical led by Google in December 2020. It has raised $390 million so far.

Look was separated from the InMobi Group in July 2019. Apart from Look, InMobi has two extra subsidiaries: promoting expertise platform InMobi UMC and information enterprise platform TruFactor.

Look gives lock display content material providers that vary between 10 seconds and two minutes lengthy and consists of media content material, information and informal video games on Android telephones. It has tied up with over 1,000 media and businesses and a number of other smartphone makers resembling Samsung, Vivo, Oppo, Xiaomi and Jio smartphones to pre-install Look of their common fashions. 

On Monday, the Bengaluru-based firm claimed that it registered a 30% year-on-year development in its customers. It presently has 180 million lively customers on the platform. The corporate crossed the 100 million lively customers mark in Could 2020.

In April, Look introduced that it’s partnering with good tv manufacturers to supply its infotainment providers on TV lock screens. Apart from India, Indonesia, and elements of Southeast Asia, Look can be increasing its market to international locations like US, Brazil, Mexico and Russia. Its income couldn’t be ascertained as the corporate’s holding entity in Singapore is but to file an annual monetary assertion for FY21 and FY22.

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