- General
- July 15, 2020
- 3 minutes read
Brief: Google Buys Big Into Reliance Jio
Google CEO Sundar Pichai. Photo credit: World Economic Forum / Manuel Lopez, under Creative Commons license Just on the heels…
Google CEO Sundar Pichai.
Photo credit: World Economic Forum / Manuel Lopez, under Creative Commons license
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Just on the heels of Qualcomm Ventures making an investment in Reliance Jio, Google has also followed suit, with a $4.5 billion investment in the telecom firm. The investment falls under the tech giant’s recent pledge to invest $10 billion in India over the next five to seven years. The investment gives Google a 7.73% stake in Jio and adds up the total amount of funding that Jio has secured in a four-month span to $20.6 billion. Google has joined other investors including the likes of Facebook, Intel, Qualcomm, and several American investment firms to have backed Jio.
Reliance Jio Platforms, a subsidiary of Indian conglomerate Reliance Industries, has raised funding from 13 investors so far. Jio Platforms was valued at $58 billion with Google’s investment.