Reliance Jio Platforms is the parent company of Jio, the largest telco in India and the owners of the JioSaavn music streaming service. The company has been on a spree of funding announcements in recent months – raising more than $20.2bn from various technology companies and investors.
We reported on Facebook taking a $5.7bn stake in April, but now it’s been joined by Google, which is investing $4.5bn to take a 7.73% stake in Reliance Jio. It’s unusual to see Facebook and Google investing in the same company – others to have chipped in this year include Intel and Qualcomm – with the investments valuing Reliance Jio Platforms at $58bn.
Google will be working with the telco to create a customised version of its Android software to run on entry-level smartphones in India. There’s no direct impact on the JioSaavn music service at this point, but the money pouring into its parent company does show the financial muscle it could potentially tap, as it continues to scrap for market share with rivals.