Intel announced Friday that it will invest $ 253.5 million in Jio Platforms, joining a list of top investors, including Facebook, General Atlantic and Silver Lake, who have supported India’s largest telecommunications operator in recent months.
The US chipmaker’s investment arm said it is acquiring a 0.39% stake in Jio Platforms, which gives the Indian company a $ 65 billion valuation. Intel Capital is the 12th investor to buy a stake in Jio Platforms, which has raised more than $ 15.5 billion by selling a 25% stake since April of this year.
“Jio Platforms’ emphasis on applying its impressive engineering capabilities to bring the power of low-cost digital services to India is in line with Intel’s goal of providing revolutionary technology that enriches lives.” We believe that access and digital data can transform business and society for the better, “said Wendell Brooks, President of Intel Capital, in a statement.
Today’s announcement comes weeks after Mukesh Ambani, who controls Reliance Industries – the parent company of Jio Platforms – suggested that Saudi Arabia’s $ 1.5 billion PIF investment on June 18 in its digital unit marked the “end of the current induction phase of Jio Platforms”. financial partners. “
Ambani, India’s richest man, said on Friday that he is delighted to “work with Intel to advance India’s capabilities in advanced technologies that will empower all sectors of our economy and improve the quality of life for 1.3 billion Indians. “
The new agreement further illustrates the opportunities that foreign investors see in Jio, a four-year-old subsidiary of Reliance Industries (India’s most valuable company), which has shaken India’s telecommunications market with voice calls to reduced rate and mobile data rates. Jio has around 400 million subscribers.
Bernstein analysts said last month that they forecast Jio Platforms to reach 500 million customers by 2023 and control half the market by 2025. Jio Platforms competes with Bharti Airtel and Vodafone Idea, a joint -Adventure between the British giant Vodafone and the Indian magnate Kumar Mangalam Groupe Aditya Birla de Birla.
Jio Platforms also operates a multitude of digital apps and services, including the JioSaavn music streaming service (which he says will be public), the JioTV live TV service and the JioMoney payment app, as well as smartphones and broadband businesses. These services are available to Jio subscribers at no additional cost.
Thursday evening, Jio Platforms launched JioMeet, a videoconferencing service that offers unlimited calls with a “up to 24 hours” time limit for each session. The service, which currently has no paid plan, strangely resembles Zoom.
Last month, Ambani said Jio Platforms ‘funds helped him offset the retail oil giant Reliance Industries’ net debt of around $ 21 billion. Ambani initially committed to paying off Reliance’s debt due in early 2021.