April 18, 2024

The Queens County Citizen

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The Jio India platform landed $ 1.5 billion from Vista Equity, marking 3 major investments in 3 weeks

Maatje Benassi poses for a portrait on Wednesday, April 22. A mother of two and US Army reservist, Benassi has become the target of conspiracy theorists who falsely claim she was coronavirus patient zero.
US investment company Vista Equity pumps nearly 114 billion rupees ($ 1.5 billion) into Jio Platforms, the digital technology branch of Indian billionaire Mukesh Ambani, the vast Reliance Industries conglomerate.

Reliance said on Friday that the value of the Jio deal was around $ 65 billion.

“Like our other partners, Vista also shares with us the same vision to continue to grow and change the Indian digital ecosystem for the benefit of all Indians,” Ambani said in a statement.

This investment marks the third tent cash injection for the growing Ambani technology empire in less than three weeks. Facebook (FB) invested $ 5.7 billion in Jio Platforms at the end of April and the private equity firm Silver Lake followed earlier this week with $ 750 million.
With 2.3% ownership, Vista will become the third largest investor in Jio Platform, behind Reliance Industries and Facebook (FB). This agreement is subject to regulatory approval

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. The airline has amassed 388 million users, got Ambani’s brothers and rivals out of business and forced other local operators to join. Jio Platforms also includes a set of applications where users can stream movies, shop online, send text messages, read news and more.

Vista Equity, which has a capital commitment of more than $ 57 billion, is investing in software, data and technology companies.

Robert Smith, chairman and CEO of Vista, said in a statement that investing in Jio would help drive “exponential growth in connectivity throughout India.”

India is in the midst of an 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.

That’s why people like it Alibaba (BABA), Amazon (AMZN), Google (GOOGL GOOGLE), Tencent (TCEHY), SoftBank (SFTBY SOFTBANK) and countless other tech giants have pumped billions of dollars into the Indian internet scene.

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