Mobile-first content platform Glance generated a revenue of Rs 317 crore in FY23, up by 77.7% from Rs 178 crore in FY22, consolidated financial statements filed by the group’s holding entity in Singapore show, according to TheKredible. However, the Bengaluru-based firm’s losses also grew during the period to Rs 1,067 crore in FY23, up from Rs 900 crore it had incurred in FY22.

The company’s income from advertising comprised 76% of its total operating revenue, which spiked 62.6% to Rs 242 crore in FY23. The firm also generates income from charges on shipping, marketplace and games hosting.

Employee benefits accounted for 29% of the overall expenditure, which increased by 24.8% to Rs 413 crore in FY23.

The unicorn’s total expenditure stood at Rs 1,414 crore in FY23 , up from Rs 1,108 crore in FY22. In FY23, its return on capital employed (ROCE) and Ebitda margin stood at -116% and -305%, respectively. The firm spent Rs 4.46 to earn every rupee in FY23.

The tech unicorn has so far raised around $390 million and was valued at $1.6 billion in its last round of $200 million led by Jio Platform in 2022. According to TheKredible, a startup data intelligence platform, Jio Platform is the largest external stakeholder with 20.27% followed by Google which owns 10.13%. Its parent company InMobi commands 50.45% of the company.