Silver Lake pumped 56.6 billion rupees ($ 748.5 million) into Jio Platforms, the digital technology branch of Indian billionaire Mukesh Ambani, the vast Reliance Industries conglomerate.
Reliance Industries said on Monday that the money would help Jio Platforms grow its digital services.
“Silver Lake is one of the most respected voices in technology and finance. We are very pleased to utilize insights from their global technological relations” to drive India’s transformation into a digital society, Ambani said in a statement.
Jio Platforms has several services under its umbrella, including Reliance Jio, a cellular network that has hit India since it was launched less than four years ago, sweeping 388 million users, sending brothers and rivals Ambani out of business and forcing other local operators to merge . Jio Platforms also includes a set of applications where users can stream movies, shop online, send text messages, read news and more.
Silver Lake’s co-CEO and managing partner, Egon Durban, said in a statement that Jio Platforms had brought “the power of low-cost digital services to mass consumers and small business populations.”
“The potential market they are handling is huge,” he added.
India in the middle of the internet boom. This is the second largest smartphone market in the world and offers hundreds of millions of users who want to take part in a growing digital economy.
And there’s still plenty of room to grow: Nearly 600 million people in India don’t have internet access.