Google has reportedly paid Rs 337.37 billion to Jio Platforms for purchasing 7.73 per cent stake in the company. With this, Google has now joined the list of global investors such as Facebook to have infused capital in the company.
As per industry sources, this is Google’s biggest-ever investment in an Indian company.
Jio Platforms has now raised a total of Rs 1.52 trillion by selling nearly 33 per cent stake to 13 financial and strategic investors. This has helped RIL erase its net debt much ahead of the March 2021 target.
The Google-Jio deal aims to leverage Jio and Google’s existing digital services to capture the emerging digitisation market beyond the current 500 million internet users in India.
Further, the duo also plans to collaboratively develop an entry-level affordable smartphone with optimisations to the Android operating system and the Play Store.