After massive investments from Facebook and Silver Lake, Jio Platforms now has a Rs 11,367 crore (US$1.5 billion) investment from Vista Equity Partners. Reliance Industries Limited announced the investment today in a press release. This brings the amount of external investment Jio Platforms has gotten in the last month alone Rs 60,596.37 crore, which is over one fourth of the total assets of both Vodafone Idea and Airtel. As the COVID-19 pandemic batters economies internationally, investors like the Texas-based Vista are turning their focus onto industries which have shown resilience, and maybe even promise. Telecom is one of those industries, with Jio Platforms in particular benefitting from its e-commerce ambitions. Jio Platforms is a holding company for Jio and Reliance's other digital ventures. Silver Lake announced a Rs 5,655.75 crore investment in Jio Platforms on May 4, less than two weeks after Facebook had announced a Rs 43,754 crore investment on April 22 for a 9.99% stake in the holding. In its earnings call for Q4FY2019–20, RIL had said that investments similar to size in Facebook were going to follow in the coming months. A key part of Jio Platforms in addition to the Jio network is JioMart, the grocery home delivery service that will be closely integrated with Facebook’s WhatsApp, which 400 million people have installed in India. Increased focus on telecom and B2C: Reliance is preparing to selling off a significant oil and petrochemicals wing, worth tens of billions of dollars. Now that telecom and home delivery are among the few industries which are likely to survive…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...