Jio Platforms


Jio Platforms Limited is an Indian digital services company and a subsidiary of Reliance Industries Limited. Established in 2019, the company owns India's largest mobile network operator Jio and other digital businesses of Reliance. On 8 May 2020, Jio Platforms was reported to be the fourth largest Indian company by market capitalization. Since April 2020, Reliance Industries has raised by selling 32.97% equity stake in Jio Platforms.

History

In October 2019, Reliance Industries Limited announced the creation of a wholly owned subsidiary for its digital businesses including Jio. In November 2019, the subsidiary was named Jio Platforms. The liability of Jio was transferred to RIL and in turn RIL received preferential shares of Jio Platforms. According to some observers, the restructuring was done to keep the digital businesses of the group within a debt-free entity.
In April 2020, Facebook, Inc. acquired a 9.99% stake in Jio Platforms for. According to this deal, while Jio Platforms retained, the parent got the remaining for redeeming the optionally convertible preference shares it held in the subsidiary.
In May 2020, private equity firm Silver Lake Partners obtained a 1.15% stake with a investment in the company. But unlike the previous transaction, the entire investment in this case was retained by Jio Platforms. General Atlantic then announced that it would invest in Jio Platforms for a 1.34% stake in the company. American PE firm KKR acquired a 2.32% stake in Jio Platforms for.
In June 2020, Emirati sovereign fund Mubadala confirmed that it would acquire a 1.85% stake in the company for. Silver Lake increased its stake to 2.08% with an additional investment. Abu Dhabi Investment Authority then bought a 1.16% stake in the company for. On 13 June, TPG, an investment company, took stake in Reliance Indusries subsidiary Jio platform of 0.93% worth of.
Catterton also made an investment of for a 0.39% stake.
In June 2020, Saudi Arabia's sovereign fund PIF confirmed that it would acquire a 2.32% stake in the company for.
In July 2020, United States's Tech Giant Intel confirmed that it would acquire a 0.39% stake in the company for
In July 2020, Another United States's Tech Giant company Qualcomm confirmed that it would acquire a 0.15% stake in the company for
This was followed by Google purchase of 7.7% stake in the company for.

Businesses

RIL has acquired or invested in several companies, which are now under Jio Platforms:
NameTypeAmountStake
HaptikAI-based conversational platformUS$100 million87%
EmbibeAI-based educational platformUS$180 million72.69%
RadisysTelecommunication technologyUS$75 million100%
ReverieVernacular chatbotUS$35 million83.3%
Grab-a-GrubDelivery servicesUS$30 million83%
FyndAnalyticsUS$15 million87%
EasyGovCitizen convenience servicesUS$10 million83%
Asteria AerospaceDrone technologyUS$3.3 million51.78%
NetradyneAI services37.4%
TesseractMixed RealityIN₹10.12 crore92.7%

Valuation

In May 2020, the enterprise value of Jio Platforms was estimated to be. The company was also reported to be more valuable than all other businesses of RIL put together. Its market capitalization put it fourth on the list of largest Indian companies, behind RIL, Tata Consultancy Services and HDFC Bank.