Google invests $4.5B in Reliance Jio, will jointly develop an entry-level smartphone

During its AGM, Reliance today announced that Google is investing $4.5 billion in its Jio platforms for a 7.7% stake. In April, Facebook made a similar investment in Reliance Jio. Facebook invested $5.7 billion for a 9.99% stake in Jio, making it the largest minority stockholder. In addition to Facebook and Google, Jio has received billions of investments from the following companies in the last few months.

• Qualcomm Ventures
• Silver Lake
• Vista Partners
• General Atlantic
• KKR
• Mubadala
• ADIA
• TPG
• L. Catterton
• PIF
• Intel Capital

Jio platform today also announced that it is partnering with Google to develop an affordable smartphone running Android OS.

Google and Jio Platforms have entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimizations to the Android operating system and the Play Store.

Source: Google