Reliance JIO Platform's value rises to 41.9 Lakh crore with the total stake sold to 25.09%
Intel capital became the 12th marquee firm to invest in the JIO digital unit for the stake of 0.39% with ₹1,894 crore investment!!!
The Jio Platform deal spree began in April with Facebook investing ₹43,573.62 crores in the company for a 9.9% stake. Since then deals have been announced regularly with the likes of General Atlantic, KKR, Mubadala, Silver Lake, ADIA buying stakes in Jio Platforms.
Well, Jio has surely got a boost. The matter of the fact is, these investments have helped the Reliance group to reduce the net-debt to zero earlier than its March 2021 target.
With all these investments, Jio is expected to use its 388 million mobile phone users as the cornerstone of an e-commerce & digital services business to rival Amazon & Flipkart.
But will they succeed?
I think yes. Having the highest number of mobile phone users, Jio is surely looking like a great future competitor for online selling platforms, maybe with proper marketing and sales strategy they might even uproot the other competitor even before anyone realizes.