Jio Platforms receives Rs. 43,574 Cr from Facebook

Jio Platforms, a subsidiary of the Reliance Industries has received the subscription amount of Rs. 43,574 crore from Jaadhu Holdings (a wholly owned subsidiary of Facebook).

Jio Platforms has allotted equity shares to Jaadhu Holdings following which Jaadhu Holdings holds 9.99% of the fully diluted equity share capital of Jio Platforms.

On April 22, 2020, Reliance Industries and Jio Platforms announced the signing of binding agreements for an investment of Rs. 43,574 crore by Facebook into Jio Platforms. This investment by Facebook values Jio Platforms at Rs. 4.62 lakh crore pre-money enterprise value ($65.95 billion, assuming a conversion rate of Rs. 70 to a US Dollar).

Jio Platforms, a wholly-owned subsidiary of Reliance Industries is a next-generation technology company building a Digital Society for India by bringing together Jio’s leading digital apps, digital ecosystems and India’s #1 high speed connectivity platform under one umbrella. Reliance Jio Infocomm Limited, which provides connectivity platforms to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.

Jio’s vision is to enable a Digital India for 1.3 billion Indians and Indian businesses, especially small merchants, micro-businesses and farmers. Jio has brought transformational changes in the Indian digital services space and propelled India on the path towards becoming a global technology leader and among the leading digital economies in the world.

Jio has built a world-class digital platform powered by leading technologies such as broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence (AI), internet of things (IoT), augmented and mixed reality and blockchain.

Be the first to comment

Leave a Reply