As the search giant - Google - seeks to join a host of marquee investors which include their rival Facebook Inc. to invest close to $4 billion into Reliance Industries Ltd’s digital asset unit. This advancement is carried out to tap India’s vast but nascent internet market and bring it to the standard of developed nations.
Jio Platforms Ltd stakes were sold to a dozen of the world’s biggest investors, and has raised INR 1.18 trillion since 22 April this year. Now if the plan goes well, Google’s funding will take Jio’s total fund rising to jaw dropping INR 1.48 Trillion.
Google is not the only one who has invested in Jio Platforms, as there are also other big names that include Facebook, Intel, Qualcomm as well as private equity firms General Atlantic and KKR.
The people said, requesting anonymity that Google with this funding would likely buy six percent of stake in Jio Platforms.
Google is not the only one who has invested in Jio Platforms, as there are also other big names that include Facebook, Intel, Qualcomm as well as private equity firms General Atlantic and KKR.
In May, Google was also in discussion with Vodafone Idea to buy its six percent stake which would have enabled the aforementioned teleco to develop the next big connected ecosystem in India - This investment would have help Vodafone Idea to directly compete against Jio. Moreover, Google also has been working with Bharti Airtel for a number of years now and has also extended its G-suite services to Airtel subscribers in the starting of 2020.
The Industry Outlook Team had also reported in the starting of the week about Google's investment of $10 Billion in India to accelerate the digitalization of the country.
Moreover, other two giants who have been very focused in investing in India are Amazon.com and Facebook. They have also been investing billions of dollars in India as the market is steadily becoming very promising as other half of India's mammoth population are still deprived of internet accessability. Some of the segments which they see will have an attractive growth potential includes cloud hosting, video streaming, online payments, and search, among others.
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