Over the past six weeks, Jio Platforms has raised a striking $10 billion from global investors
From its Silicon Valley-like campus near Mumbai, Indian billionaire Mukesh Ambani’s Jio telecom carrier is emerging as a winner from changes in the way Indian consumers plug into a digital economy made more urgent by the coronavirus pandemic. For Indian shoppers who prefer to order online, it is launching a grocery ordering service with Facebook Inc’s popular WhatsApp messaging. For Bollywood fans who would prefer to avoid a crowded theater, it is readying same-day-release on the Jio platform.
Those plans had been in the making for months, but the pandemic has given them a shot in the arm. India’s 10-week lockdown has also led to a surge in demand for data, boosting Jio’s phone and broadband offerings. And, over the past six weeks, the digital business of Ambani’s Reliance Industries Ltd, known as Jio Platforms, raised a striking $10 billion from global investors.
The investments, including $5.7 billion from Facebook and money from private equity firms Silver Lake, Vista Equity Partners, General Atlantic and KKR & Co Inc , value Jio Platforms, where Reliance last year announced it was consolidating its digital offerings, at roughly $65 billion (51.6 billion pounds)…Read More
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