The company has raised $ 15.2 billion in the past nine weeks
$ 5.7 was raised Billions of Facebook. It raised $ 1.5 billion from KKR, another $ 1.5 billion from Vista Equity Partners, $ 1.5 billion from Saudi Arabia’s Public Investment Fund, and $ 1.35 billion from Silver Lake $ 1.2 billion from Mubadala, $ 870 million from General Atlantic and $ 750 million from Abu Dhabi Investment Authority, and $ 600 million from TPG and $ 250 million from L Catterton.
And all in just nine weeks.
India’s Reliance Jio Platforms is the most ambitious technology company in the world. founder Mukesh Ambani has made it a dream to give every Indian access to affordable and comprehensive telecommunications services, and Jio has so far proven successful, attracting nearly 400 million subscribers in just a few years.
The unprecedented growth of Reliance Jio Platforms, a subsidiary of India’s most valuable company (Reliance Industries), has shocked rivals and scared foreign technology companies like Google and Amazon, both of which are reportedly targeting part of one of the largest telecommunications markets in the world.
What can we learn from the growth of Reliance Jio Platforms? What does the future hold for Jio and for India’s tech startup ecosystem in general?
Extra Crunch will examine these questions through a number of reports. We previously profiled Mukesh Ambani ourselves, and today’s episode we’ll look at how Reliance Jio has grown from a telecommunications upstart to a dominant technology company in four years.
The birth of a new empire
Months after India’s richest man, Mukesh Ambani, launched its Reliance Jio telecommunications network, Airtel’s main competitor Sunil Mittal fought in public to contain his frustration.
It was no surprise that Ambani would try to attract subscribers through free voice calls, Mittal said at the World Economic Forum in January 2017. But make voice calls and Most of the 4G mobile data, which was completely free for seven months, “clearly meant they didn’t get the attention they wanted,” he said, hoping the local regulator would intervene soon.
This was not the first time that Ambani and Mittal competed directly against each other: In 2002, Ambani founded a telecommunications company and tried to win the market by selling free mobile phones.
Carrier lock-in is not popular in India because people prefer pay-as-you-go voice and data plans. Fortunately for Mittal, Ambani’s trip was canceled due to a family feud with his brother – read more about it here.