Rishi Iyengar from cnn said that Between March and November last year, even as the coronavirus upended lives and devastated economies around the world, India’s richest man was handed more than $27 billion to make a bet on the future of the internet.
More than half that eye-popping amount came from Silicon Valley. It started with $5.7 billion from Facebook in March, one of the biggest investments in the American company’s history. Silver Lake Partners, the private equity firm based eight miles from Facebook’s (FB) Menlo Park headquarters, followed with its own investment just weeks later, as did Palo Alto’s General Atlantic and San Francisco-headquartered TPG Capital.
Smaller investments from Qualcomm (QCOM) and Intel (INTC) came next, before Google (GOOGL) swooped in with $4.5 billion to swell the impressive war chest.
The recipient of all those billions is Jio Platforms, part of Ambani’s sprawling conglomerate Reliance Industries. Jio started as a mobile network in 2016. Since then it has amassed around 400 million users and launched a streaming service, a video conferencing app, a fiber broadband network and digital payments.
How useful was this post?
Click on a star to rate it!
Average rating / 5. Vote count:
No votes so far! Be the first to rate this post.
Find the latest breaking news and information on the top stories, weather, business, entertainment, politics, and more. For in-depth coverage, CNN provides special reports, video, audio, photo galleries, and interactive guides.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.