Google announced to invest $4.5 billion (~Rs 33,737 crore) for a 7.73% equity stake in Reliance Jio Platforms at the 43rd and first-ever virtual Annual General Meeting of Reliance Industries on Wednesday.
Google’s investment adds to the series of investments received by Jio Platforms since April this year starting with Facebook investing $5.7 billion in India’s largest Telecom company and a subsidiary of Reliance Industries.
Reliance Jio is the largest telecom network of the country with over 388 million users.
Mr. Sundar Pichai announced that this investment is the first investment of Google’s Digitization Fund for India of Rs. 75,000 ($10 billion).
Mr. Sundar Pichai, CEO of Google and Alphabet, said, “Reliance Industries, and Jio Platforms in particular, deserve a good deal of credit for India’s digital transformation. The pace and scale of digital transformation in India is hugely inspiring for us and reinforces our view that building products
for India first helps us build better products for users everywhere. Google is proud to invest ₹ 33,737 crore into Jio. I am excited that our joint collaboration will focus on increasing access for hundreds of millions of Indians who don’t currently own a smartphone while improving the mobile experience for all.”
Jio Platforms is the suite of services including music streaming service JioSaavn, smartphones, broadband business, on-demand live television service JioTV, and payments service JioPay.
After the investment from Facebook, the company started its JioMart e-commerce venture service in India with orders can be placed via Whatsapp that has more than 400 million users in India.
Bharti Airtel has already received investment from Nokia to enhance its network operations in India.