Indian Jio platforms earn $ 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 firm Vista Equity is pumping nearly 114 billion rupees ($ 1.5 billion) into Jio platforms, the digital technology arm of the sprawling Reliance Industries conglomerate of Indian billionaire Mukesh Ambani.

On Friday, Reliance said the deal values ​​Jio at around $ 65 billion.

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

The investment marks the third entry of cash for Ambani’s growing technological empire in less than three weeks. Facebook (FB) in late April, it invested $ 5.7 billion in Jio platforms and private equity firm Silver Lake followed $ 750 million earlier this week.
With a 2.3% stake, Vista would be the third largest investor in Jio platforms, behind Reliance Industries and Facebook (FB). The agreement is subject to regulatory approval.

Jio Platforms has several services under its control, including Reliance Jio, the mobile network that has taken India by storm since it was launched less than four years ago. The courier collected 388 million users, took Ambani’s brother and rival out of service and forced the other local operators to merge. Jio Platforms also includes a family of apps where users can stream movies, shop online, send text messages, read news and more.

Vista Equity, which has a capital commitment of over $ 57 billion, invests in software, data and technology companies.

Robert Smith, president and CEO of Vista, said in a statement that the investment in Jio will help fuel “exponential growth in connectivity across India”.

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India is in the midst of an Internet boom. It is the second largest smartphone market in the world and boasts hundreds of millions of users eager to participate in the growing digital economy.

And there is still a lot of room to grow: nearly 600 million people in India have not yet obtained Internet access.

This is the reason why the likes of 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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