{"document_url": "https://en.wikipedia.org/wiki/Jio_Platforms"}
Indian multinational technology company
Jio Platforms is an Indian multinational technology company, headquartered in Mumbai. It is a subsidiary of Reliance Industries. Established in 2019, it acts as a holding company for India's largest mobile network operator Jio and other digital businesses of Reliance.

Since April 2020, Reliance Industries has raised ₹152,056 crore (US$19 billion) by selling 32.97% equity stake in the company. In August 2021, it was ranked 155th on the 2021 Fortune Global 500 list of world's biggest corporations.

History

In October 2019, Reliance Industries Limited (RIL) announced the creation of a wholly owned subsidiary for its digital businesses including Jio. In November 2019, the subsidiary was named Jio Platforms. The ₹1.08 trillion (US$14 billion) 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, Meta Platforms (then Facebook Inc.) acquired a 9.99% stake in Jio Platforms for ₹435.74 billion (US$5.5 billion). According to this deal, while Jio Platforms retained ₹149.76 billion (US$1.9 billion), the parent company got the remaining ₹285.98 billion (US$3.6 billion) 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 ₹56.5 billion (US$710 million) 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 ₹65.988 billion (US$830 million) in Jio Platforms for a 1.34% stake in the company. American PE firm KKR acquired a 2.32% stake in Jio Platforms for ₹113.67 billion (US$1.4 billion).

In June 2020, Emirati sovereign fund Mubadala confirmed that it would acquire a 1.85% stake in the company for ₹90.936 billion (US$1.1 billion). Silver Lake increased its stake to 2.08% with an additional ₹45.47 billion (US$570 million) investment. Abu Dhabi Investment Authority then bought a 1.16% stake in the company for ₹56.84 billion (US$710 million). On 13 June, TPG Capital, an investment company, took stake in Jio platform of 0.93% worth ₹45.468 billion (US$570 million). Catterton also made an investment of ₹18.945 billion (US$240 million) 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 ₹113.67 billion (US$1.4 billion). In July 2020, Intel confirmed that it would acquire a 0.39% stake in the company for ₹1.89 billion (US$24 million). In July 2020, Qualcomm confirmed that it would acquire a 0.15% stake in the company for ₹.730 billion (US$9.1 million). This was followed by Google purchase of 7.7% stake in the company for ₹337.37 billion (US$4.2 billion).

In June 2021, Jio Platforms unveiled their Android smartphone named JioPhone Next, with plans to launch in India by September 2021.

In February 2022, Jio Platforms formed a joint venture with satellite operator SES. The newly formed Jio Space Technology Limited will deliver broadband services in India of up to 100Gbps capacity using SES's SES-12 high-throughput geostationary satellite and the forthcoming O3b mPOWER medium Earth orbit satellite constellation, to extend JPL’s terrestrial network, enhancing access to digital services in unconnected areas within India and the region. JPL and SES will own 51% and 49% equity stake respectively in the new company.

Ownership

Businesses

Consumer platforms

Enterprise platforms

Acquisitions and investments

RIL has acquired or invested in several companies, which are now under Jio Platforms:

Valuation

In 2020, the enterprise value of Jio Platforms was estimated to be ₹5 trillion (US$63 billion). 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 (combined entity), Tata Consultancy Services and HDFC Bank.