Intel Capital, the corporate venture capital arm of semiconductor producer Intel, has paid Rs 18.9bn ($253m) for a 0.4% stake in India-based telecommunications network operator Jio Platforms.
Diversified conglomerate Reliance Industries formed Jio Platforms in October 2019 to run the mobile network activities of the group’s telecoms unit, Jio Infocomm, which has more than 388 million 4G users.
Jio Platforms has raised roughly $15.7bn to date, with the latest deal coming in the wake of a number of other funding rounds in recent months. Those deals included a $5.7bn investment by social media group Facebook in return for a 9.99% stake in April this year.
Saudi Arabia’s Public Investment Fund invested $1.5bn in the company last month, the same month as the Abu Dhabi government-owned Mubadala Capital provided $1.2bn.
Abu Dhabi Investment Authority, L Catterton, TPG, Silver Lake Partners, General Atlantic, KKR and Vista Equity Partners are also among the investors that have provided equity financing for Jio Platforms.
Intel Capital president Wendell Brooks said: “Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives.
“We believe digital access and data can transform business and society for the better. Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence.”
