Intel Capital, the investment arm of chipmaker Intel, has invested a whopping $253 million in India’s Reliance Jio taking for a 0.39% stake. . The India based company attracted a lot of tech giants like Facebook to invest in their expansion plans. Jio Platforms has raised more money in 2020 than all of India’s startups combined last year and taking the tally to $15.5 billion as of July 2020.
The latest investment comes amid a slowing global economy due to many factors, signifying India’s digital potential and global investors’ faith in Jio’s business strategy focusing on disruptive technology areas like cloud computing, artificial intelligence and 5G – opportunities.
The last big investment in Jio was by Saudi Arabia’s sovereign wealth fund PIF that invested $1.5 Billion for a 2.32 percent stake.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “We are extremely delighted to deepen our ties with technology leaders that embody our vision of transforming India into a leading Digital Society in the world. Intel is a true industry leader, working towards creating world-changing technology and innovations. Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally. We are therefore excited to work together with Intel to advance India’s capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians.”
JIO Reliance Platform investments: Facebook, TPG, Silver Lake, Mubadala and still counting
Social media giant Facebook invested $5.7 billion for a 9.99 per cent stake in Jio’s digital platform, as the company prepares to launch a raft of pay services across its Facebook Messanger, WhatsApp and Instagram services in India.
Global investment firm TPG will take a 0.93 per cent stake for $598 million, while private equity firm L Catterton will take a 0.39% stake for $249 million.
USA wealth fund Silver Lake increased its initial investment in Jio Platforms to take its total holding to 2.08 per cent.
UAE based investment firm Mubadala also invested $1.2 billion for a 1.85 per cent stake in Jio Platforms.
Jio eyes expand on 5G technology, cloud computing, and IOTA opportunities.
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