Over the last three months, Jio has raised over $15.5 billion from a cohort of investors including prominent financial institutions such as KKR and Silver Lake Partners, massive sovereign wealth funds such as the Public Investment Fund of Saudi Arabia, and some of the biggest tech names including Facebook.
India's largest network provider Reliance Jio announced today that the sovereign fund of Saudi Arabia, The Public Investment Fund (PIF), has invested $1.5 billion in Jio Platforms.
That takes it to become the 11th investment in this year's Jio Platform, with the Indian company so far raising $15.2 billion. Jio has achieved a remarkable record with that: it has raised more money than all the Indian tech startups combined in 2019. Indian startups raised $14.5 billion in the last year, according to data from the research firm Tracxn.
Jio 's investment spree began in April with $5.7 billion in Facebook pumping in exchange for 9.9 % equity.
The recent deals have cemented the ambition of Mukesh Ambani to turn its oil-to-retail giant Reliance Industries (India's most valuable company) into a top homegrown internet giant.
He said on Friday that he plans to publicly list Reliance Jio Platforms and Reliance Retail, the country's largest retail chain – also controlled by him – over the next five years.
As Reliance Jio Platforms, which in less than four years has become India's top telecom operator with more than 388 million subscribers, continues its funding spree.