Jio Platforms, the telecom arm of Reliance Industries Limited has become one of the most valuable companies in the country. In the last two months, the telco has managed to raise more than $20 billion. These investments have helped Reliance Industries Limited (RIL) go debt-free. Now, RIL has announced that Intel Capital is going to invest Rs 1,894.50 crore in Jio Platforms against an equity stake of 0.39%. After this investment from Intel capital, the total investment on Jio Platforms will raise to Rs 1,17,588.45 crore.
Jio Platforms Valued at 5.16 Lakh Crore
Jio Platforms got its biggest investment from the social media giant Facebook. Facebook invested Rs 43,574 crore ($5.7 billion) into Jio Platforms. Against its investment, Facebook got a 9.99% stake in Reliance Jio. At the time of the deal, Reliance Jio was valued pre-money at $65.95 billion. After Facebook, more investment groups and firms invested in Reliance Jio. It kept adding to the higher valuation of Jio Platforms.
Now the investment from Intel Capital of Rs 1,894.50 crore against a 0.39% of equity stake marks the valuation of Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
Mukesh Ambani commented on the investment and said, “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. Intel is a true industry leader, working towards creating world-changing technology and innovations. Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally. We are therefore excited to work together with Intel to advance India’s capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians.”
Intel Capital President, Mr Wendell Brooks said, “Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives. 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.”
This investment is going to help Jio Platforms in achieving its goal of making 1.3 billion Indians netizens. Jio Platforms is the number one telco in India at the moment with 388 million subscribers.