Adding another investor to a series of leading firms that have recently invested in Jio Platforms Limited, the company announced on Friday that it has secured a funding of $253.5m from Intel Capital, the investment division of the US-based Intel Corporation, for a 0.39 percent stake.
In total, Reliance Industries Limited (RIL) subsidiary has raised $15.5bn by selling a 25.09 percent stake since April this year. Intel Capital became the 12th company to invest in Jio Platforms in less than three months.
Emphasizing on the deal's potential to further India's technological capabilities, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said in a statement: "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."
Enabling Jio Take Indian Technology Forward
Intel, which operates in India from its facilities in Bengaluru and Hyderabad, has made its presence felt in the country for over two decades. Since founding Intel Capital in 1991, Intel has invested $12.9bn in over 1,582 companies worldwide through the subsidiary.
This investment furthers its longstanding tradition of placing its bets on companies that focus on disruptive technology such as artificial intelligence, cloud computing and 5G. "We believe digital access and data can transform business and society for the better. Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence," said Wendell Brooks, President, Intel Capital.
12th Investor In Less Than Three Months
While the COVID-19 pandemic has left the global economy on shaky ground, Jio Platforms has managed bag several large investments in less than three months, with Intel Capital becoming its 12th high-profile investor to do so.
In April, the Mark Zuckerberg-led Facebook invested $ 5.7bn for a 9.9 percent stake, making it the largest minority stakeholder in the company. The three other key investors include American investment firms, Vista Equity Partners and KKR & Co, and the Public Investment Fund of Saudi Arabia (PIF). The trio has acquired a stake of 2.32 percent, with all three firms individually investing $1.5bn in Jio Platforms.