Why investors are betting on Jio Platforms' future
Published On: Thursday, June 4, 2020 | By: Team KnowMyStock
Mukesh Ambani's Jio telecom carrier is emerging as a winner from changes in the way Indian consumers plug into a digital economy made more urgent by the coronavirus pandemic. For Indian shoppers who prefer to order online, it is launching a grocery ordering service with Facebook Inc's popular WhatsApp messaging. For Bollywood fans who would prefer to avoid a crowded theater, it is readying same-day-release on the Jio platform. Those plans had been in the making for months, but the pandemic has given them a shot in the arm. India's 10-week lockdown has also led to a surge in demand for data, boosting Jio's phone and broadband offerings.
And, over the past six weeks, the digital business of Ambani's Reliance Industries Ltd, known as Jio Platforms, raised a striking $10 billion from global investors.
The investments, including $5.7 billion from Facebook and money from private equity firms Silver Lake, Vista Equity Partners, General Atlantic and KKR & Co Inc , value Jio Platforms, where Reliance last year announced it was consolidating its digital offerings, at roughly $65 billion (51.6 billion pounds).
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
