US investors are piling into an Indian telecom for a slice of the country's booming digital economy
Jio Platforms is clearly the flavor of the month among leading U.S. tech investors. But why? Home to 1.35 billion people, India is quickly catching up with more technologically advanced nations and investors don't want to miss out on the opportunity that India presents.
Jio Platforms operates the Jio Infocomm telecom network, which has amassed over 388 million 4G subscribers since launching in 2016. Today it is India's top telco and it also has several apps, and other services in e-commerce and broadband. "Jio offers mobile Internet for nearly free and tries to make money by up-selling subscriptions to their own versions of Spotify and Netflix," said Vishal Gulati, a venture capital investor at London firm Draper Esprit.
Ambani, India's richest man, is in the process of trying to sell approximately 20% of Jio Platforms to raise cash for debt-ridden parent company Reliance Industries, which is heavily involved in oil and petrochemicals. It reportedly has a net debt pile of around $20 billion.Saudi Arabia's sovereign wealth fund and Mubadala, the sovereign wealth fund of Abu Dhabi, are also considering taking large stakes of around $1.5 billion and $1.
"Jio Platforms is a true homegrown next generation technology leader in India that is unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution."
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