Matty-Sways

On Wednesday Google confirmed that it will purchase a 7.7% stake in the company, pending approval by Indian regulators.

On Wednesday, Google CEO Sundar Pichai, announced on twitter: "Everyone should have access to the internet. Proud to partner with @reliancejio to increase access for the hundreds of millions in India who don't own a smartphone with our 1st investment of $4.5B from the #GoogleForIndia Digitization Fund."

Jio is a subsidiary of Indian conglomerate Reliance. Jio, which has a subscriber base of 369.93 million and more than 30% market share, plans to help google develop an entry-level Android phone that could bring millions more Indian users online. Jio also owns homegrown apps, including Zoom rival JioMeet and music streaming service JioSaavn.

CEO Sundar Pichai recently had a video call with Indian prime minister Narendra Modi in which he told him the $4.5 billion comes from a new $10 billion fund that Google plans to invest in India.

Other major tech firms have already invested billions in Jio. Facebook announced a $5.7 billion investment in April. Qualcomm announced this week it was investing around $100 million, while Saudi Arabia's Public Investment Fund, KKR, Vista Equity Partners, and many others have invested billions in recent months.

Jio's rise in India has been record breaking bringing millions of Indians online for the first time over the past four years by offering free or incredibly cheap 4G data. Reliance chairman Mukesh Ambani is now the sixth-richest person in the world, surpassing Tesla CEO Elon Musk with a net wealth of $72.4 billion.

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