Silicon Valley based American technology giant Intel, through its Venture Capital arm, Intel Capital, is investing ₹ 1,894.50 Crore in Reliance Industries' Jio Platforms for a 0.39% stake in the company. Post this deal, Jio Platforms will have an enterprise valuation of ₹ 5.16 Lakh Crore.
With this deal, Jio Platforms becomes the only company with the largest continuous fund-raise in the world, to date. In last 11 weeks, Intel deal will be 12th investment in Jio Platforms.
So far, Jio Platforms has raised ₹ 117,588.45 crore from leading technology investors including Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF and Intel.
Late last month, Saudi Arabia's sovereign wealth fund PIF had invested ₹11,367 crore in Jio, for a 2.32% stake.
Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "We are extremely delighted to deepen our ties with technology leaders that embody our vision of transforming India into a leading Digital Society in the world. Intel is a true industry leader, working towards creating world-changing technology and innovations. Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally. We are therefore excited to work together with Intel to advance India's capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians."
Mr. Wendell Brooks, Intel Capital President, said, "Jio Platforms' focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel's purpose of delivering breakthrough technology that enriches lives. We believe digital access and data can transform business and society for the better. Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence."