This archive report was first published on 15 July 2020.
On July 15, 2020, Google announced a $4.5 billion investment in Reliance Jio's digital business, marking the search giant's largest investment in a company outside the United States.
According to Reliance Jio Chairman Mukesh Ambani, Google will acquire a 7.7% stake in the company, following a similar $5.7 billion investment by Facebook.
News of the investment comes on the heels of Google's pledge to invest $10 billion in India's digitization, with a focus on enabling more high-quality, low-cost smartphones to give internet access to more Indian users.
Reliance Jio has received significant attention from big technology companies globally, who see it as the perfect entry point to tap into India's internet market. The company boasts over 400 million users, offering Google a platform to boost its mobile payment services Google Pay.
India's Tech Market Beckons ¶
Reliance Jio has received $15.58 billion in investment for 25% of its stake in the past three months, with high-profile investors including Facebook, KKR, and Vista. Facebook has made the most significant investment with the recent $5.7 billion, with plans to digitize 60 million of the country's small businesses.
