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Jio Platforms

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Not to be confused withJio.

Jio Platforms Limited
Company typeSubsidiary
IndustryTechnology
Founded2019;5 years ago(2019)
FounderMukesh Ambani
HeadquartersNavi Mumbai,Maharashtra,
India
Area served
Worldwide
Key people
Akash Ambani
(Chairman)
Kiran Thomas
(CEO)
Products
RevenueIncrease₹117,805 crore(US$14 billion) (2023)[2]
Increase₹26,780 crore(US$3.2 billion) (2023)[2]
Increase₹20,372 crore(US$2.4 billion) (2023)[2]
Total assetsIncrease₹506,248 crore(US$61 billion)(2023)[2]
Owners
  • Reliance Industries(67.03%)
  • Strategic investors (18.26%)
  • Private equity firms (9.38%)
  • Sovereign wealth funds (5.33%)
ParentReliance Industries
Subsidiaries
Websitewww.jio

Jio Platforms Limitedis an Indianmultinationaltechnology company,headquartered inMumbai,Maharashtra,India.It is a subsidiary ofReliance Industries.Established in 2019, it acts as aholding companyfor India's largestmobile network operator,Jio,and other digital businesses of Reliance.[3]

Since April 2020, Reliance Industries has raised₹152,056 crore(US$18 billion) by selling 32.97% equity stake in the company.[4]In August 2021, it was ranked 155th on the 2021 Fortune Global 500 list of world's biggest corporations.[5]

History[edit]

Jio soft launched on 27 December 2015 with a beta for partners and employees,[6][7][8]and became publicly available on 5 September 2016. It is thelargest mobile network operator in Indiaand thethird largest mobile network operator in the worldwith over 42.62crore(426.2 million) subscribers.[9]

In September 2019, Jio launched afiber to the homeservice, offering home broadband, television, and telephone services. As of September 2020,Reliance Industrieshas raised₹1.65 lakh crore(equivalent to₹1.9 trillion or US$23 billion in 2023) by selling nearly 33% equity stake in Jio Platforms.[10] [11]

Later continuing as RIL’s telecom subsidiary, Infotel Broadband Services Limited was renamed as Reliance Jio Infocomm Limited (RJIL) in January 2013.[12]

In 2014, Reliance Jio Infocomm, the 4G LTE venture of Reliance Industries (RIL), has picked up stake in Israeli telecom network vendorAirspan Networks.Reliance Jio will also source 4G LTE towers from Airspan to deploy 4G services.[13]

In October 2019,Reliance Industries(RI) announced the creation of a wholly owned subsidiary for its digital businesses includingJio.In November 2019, the subsidiary was named Jio Platforms. The₹1.08 trillion(US$13 billion) liability of Jio was transferred to RIL and in turn RIL received preferential shares of Jio Platforms.[14][15]According to some observers, the restructuring was done to keep the digital businesses of the group within a debt-free entity.[16]

In April 2020,Facebookacquired a 9.99% stake in Jio Platforms for₹435.74 billion(US$5.2 billion).[17]According to this deal, while Jio Platforms retained₹149.76 billion(US$1.8 billion), the parent company got the remaining₹285.98 billion(US$3.4 billion) for redeeming the optionally convertible preference shares it held in the subsidiary.[16]

In May 2020, private equity firmSilver Lake Investorsobtained a 1.15% stake with a₹56.5 billion(US$680 million) investment in the company.[18]But unlike the previous transaction, the entire investment in this case was retained by Jio Platforms.[16]General Atlanticthen announced that it would invest₹65.988 billion(US$790 million) in Jio Platforms for a 1.34% stake in the company.[19]American private equity firmKKRacquired a 2.32% stake in Jio Platforms for₹113.67 billion(US$1.4 billion).[20]

In June 2020, Emirati sovereign fundMubadalaconfirmed that it would acquire a 1.85% stake in the company for₹90.936 billion(US$1.1 billion).[21]Silver Lake increased its stake to 2.08% with an additional₹45.47 billion(US$540 million) investment.[22]Abu Dhabi Investment Authoritythen bought a 1.16% stake in the company for₹56.84 billion(US$680 million).[23]On 13 June,TPGtook stake in Jio Platforms of 0.93% worth₹45.468 billion(US$540 million).[24]L Cattertonalso made an investment of₹18.945 billion(US$230 million) for a 0.39% stake.[25]

In June 2020,Saudi Arabia'sPublic Investment Fundconfirmed that it would acquire a 2.32% stake in the company for₹113.67 billion(US$1.4 billion).[26]In July 2020,Intelconfirmed that it would acquire a 0.39% stake in the company for₹1.89 billion(US$23 million).[27]In July 2020,Qualcommconfirmed that it would acquire a 0.15% stake in the company for₹7.30 billion(US$87 million).[28]This was followed byGooglepurchase of 7.7% stake in the company for₹337.37 billion(US$4.0 billion).[29]

In June 2021, Jio Platforms unveiled their Android smartphone named JioPhone Next, with plans to launch in India by September 2021.[30]

In February 2022, Jio Platforms formed a joint venture with satellite operatorSES.The newly formed Jio Space Technology Limited will deliver broadband services in India of up to 100 Gbit/s capacity using SES's SES-12high-throughputgeostationarysatellite and the forthcomingO3b mPOWERmedium Earth orbitsatellite constellation,to extend JPL's terrestrial network, enhancing access to digital services in unconnected areas within India and the region. JPL and SES will own 51% and 49% equity stake respectively in the new company.[31]

In December 2023, Jio Studios decided to back out of producing upcomingAkshay KumarmoviesHera Pheri 3andWelcome to the Jungle.[32]

Businesses[edit]

Consumer platforms[edit]

  • Jio,telecommunications and broadband services
  • JioMoney, digital currency and payments services[33]
  • JioMart,online grocery delivery services (partnership withReliance Retail)[34]
  • JioSign, online digital signing platform[35][34]
  • JioCinema,subscription basedOTT[36]
  • Jio Apps
    • MyJio[37]
    • JioTV,live TV streaming app
    • JioSaavn,an online music streaming service[38]
    • JioChat, messaging app[39]
    • JioMeet, video-conferencing platform[40]
    • JioStore, app store for Jio STB[citation needed]
    • JioGamesCloud, Jio's cloud gaming service[41]
    • JioSphere (formerly JioPages), web browser[42]
    • JioPay, digital payments and financial services app[citation needed]
    • JioSwitch, file sharing app[43]
    • JioNews, newspaper and magazine app[44]
    • JioHome, mobile remote control for Jio set-top box[45]
    • JioGate, apartment security app[46]
    • JioCloud, cloud storage services[47]
    • JioSecurity, security app[48]
    • JioHealthHub, health companion[49]
    • JioPOS Lite, Jio recharge commission earning app[50]
    • JioGameslite, online gaming[51]
    • JioSafe, encrypted voice and video calling app[52][53]

Enterprise platforms[edit]

Acquisitions and investments[edit]

RIL has acquired or invested in several companies, which are now under Jio Platforms:[57]

Name Type Amount Stake Ref
Haptik AI-based conversational platform $100 million 87% [58]
Embibe AI-based educational platform $180 million 72.69% [59]
Radisys Telecommunication technology $75 million 100% [60]
Reverie language technologies Ltd Vernacular chatbot & speech technologies $35 million 83.3% [citation needed]
Grab-a-Grub Delivery services $30 million 83% [citation needed]
Fynd[61] Internet marketplace platforms, E-commerce $15 million 87% [61]
EasyGov[62] Citizen convenience services $10 million 83% [62]
Asteria Aerospace Drone technology $3.3 million 51.78% [citation needed]
Netradyne AI services 37.4% [citation needed]
Tesseract Mixed reality ₹10 crore 92.7% [citation needed]
SankhyaSutra Labs Simulation services 83% [63]
C-Square Pharmaceutical technology platform 82% [64][65]
KareXpert Digital healthcare platform ₹10crore [66]
Videonetics Video surveillance technology [67]
Covacsis Technologies IOT [68]
NEWJ[69] Media ₹5crore [70]
Two Platforms Artificial reality 25% [71]
SLTMobitel Telecommunications
Banglalink Telecommunications
Taiwan Mobile Telecommunications
M1 Telecommunications
DU Telecommunications
Yoigo Telecommunications
NOVA Telecommunications
YTL Communications Telecommunications
SmarTone Telecommunications
Rain Telecommunications
Rakuten Mobile Telecommunications JV

Valuation[edit]

In 2020, theenterprise valueof Jio Platforms was estimated to be₹5 trillion(US$60 billion).[72]The company was also reported to be more valuable than all other businesses of RIL put together.[73]Itsmarket capitalizationput it fourth on the list of largest Indian companies, behind RIL (combined entity),Tata Consultancy ServicesandHDFC Bank.[74]

In January 2024,Bank of Americaincreased their valuation to US$107 billion.[75]

See also[edit]

References[edit]

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Further reading[edit]

External links[edit]

Retrieved from "https://en.wikipedia.org/w/index.php?title=Jio_Platforms&oldid=1235255307"