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Google will invest INR 33,737 crores for a 7.7% stake in Jio platforms

Mukesh Ambani has announced its next strategic investment partner Google in Jio platforms.

Indian tycoon Mukesh Ambani has made two major announcement at the Reliance AGM 2020. The first one is the confirmation of investment from Google in Jio platforms. Google will invest INR 33,737 crore for a 7.7 percent stake in Jio platforms. And second is the Jio 5G, which will make its way in India soon. Company will start 5G trials once the spectrum is available.

Google will invest in Jio
Google will invest in Jio

Several other companies has already invested in Jio platform including, Facebook which has invested $5.7 billion (INR 43,574 crore) into Jio for a 9.9% stake in the company, Silver Lake Partners acquired a 1.15% stake in Jio for INR 5,655.75 crore ($750 million), Vista Equity Partners which bought a 2.32% stake in Jio for INR 11,367 crore, General Atlantic which picked up a 1.34% stake in Jio Platforms for INR 6,598.38 crore, KKR acquired a 2.32% stake in Jio for INR11,367 crore, and more.

Furthermore, company’s new venture and app JioMeet has been a tremendous success with downloads by more than 5 million users. Indian giant Reliance also launched Jio TV+ and Jio Glass with 3D video call feature that be connected to your smartphone. It offers mixed reality content, and over 25 applications. User can share the presentations via Jio Glass in a virtual screen.

Apart from this, Ambani also talked about the Jio Fiber broadband services. It has powered over a million homes, with over half a billion customers, over a billion smart sensors, over 50 million homes and businesses in India.

Company’s another venture, Jio Mart which focuses on three aspects, customers, kirana and producers, aims to upgrade local kirana stores and transform them in 24 hours service. 

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Rohan Jain

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