Jio Platform had been getting a lot of attention from US companies with Google being the latest to invest a large fortune in the Indian tech company in exchange for 7.7% stake.
The company had earlier this week made it known it will be investing as much as US$10 billion in India over the next five to seven years and the new US$4.5 billion in Jio makes more than 45% of that promised total investment in the country’s tech market.
With the new investment from Google, Reliance Jio had been able to raise as high as US$20 billion this year allowing the company to give up 33% of it’s stakes to investors.
Mukesh Ambani, Chairman of Reliance, said that with this investment, it’s closing this round of raising money.
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Qualcomm is one of the most recent investor in the company taking only 0.15% stake in the company after investing US$97 million. Intel also invested.