Jio Platforms
TypeSubsidiary
IndustryTechnology
Founded2019 (2019)
FounderMukesh Ambani
HeadquartersNavi Mumbai, Maharashtra,
India
Area served
Worldwide
Key people
Aakash Ambani
(Chairman & MD)
Products
RevenueIncrease 115,099 crore (US$14 billion) (2023)[2]
Increase 25,670 crore (US$3.2 billion) (2023)[2]
Increase 19,124 crore (US$2.4 billion) (2023)[2]
Total assetsIncrease506,248 crore (US$63 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.com

Jio Platforms is an Indian multinational technology company, headquartered in Mumbai, Maharashtra, India. It is a subsidiary of Reliance Industries. Established in 2019, it acts as a holding company for India's largest mobile network operator, Jio, and other digital businesses of Reliance.[3]

Since April 2020, Reliance Industries has raised 152,056 crore (US$19 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

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

In September 2019, Jio launched a fiber to the home service, offering home broadband, television, and telephone services. As of September 2020, Reliance Industries has raised 1.65 lakh crore (equivalent to 1.9 trillion or US$24 billion in 2023) by selling nearly 33% equity stake in Jio Platforms.[9][10]

Later continuing as RIL’s telecom subsidiary, Infotel Broadband Services Limited was renamed as Reliance Jio Infocomm Limited (RJIL) in January 2013.[11]

In 2014, Reliance Jio Infocomm, the 4G LTE venture of Reliance Industries (RIL), has picked up stake in Israeli telecom network vendor Airspan Networks.Reliance Jio will also source 4G LTE towers from Airspan to deploy 4G services.[12]

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

In April 2020, Facebook acquired a 9.99% stake in Jio Platforms for 435.74 billion (US$5.5 billion).[16] According to this deal, while Jio Platforms retained 149.76 billion (US$1.9 billion), the parent company got the remaining 285.98 billion (US$3.6 billion) for redeeming the optionally convertible preference shares it held in the subsidiary.[15]

In May 2020, private equity firm Silver Lake Investors obtained a 1.15% stake with a 56.5 billion (US$710 million) investment in the company.[17] But unlike the previous transaction, the entire investment in this case was retained by Jio Platforms.[15] General Atlantic then announced that it would invest 65.988 billion (US$830 million) in Jio Platforms for a 1.34% stake in the company.[18] American private equity firm KKR acquired a 2.32% stake in Jio Platforms for 113.67 billion (US$1.4 billion).[19]

In June 2020, Emirati sovereign fund Mubadala confirmed that it would acquire a 1.85% stake in the company for 90.936 billion (US$1.1 billion).[20] Silver Lake increased its stake to 2.08% with an additional 45.47 billion (US$570 million) investment.[21] Abu Dhabi Investment Authority then bought a 1.16% stake in the company for 56.84 billion (US$710 million).[22] On 13 June, TPG took stake in Jio platform of 0.93% worth 45.468 billion (US$570 million).[23] L Catterton also made an investment of 18.945 billion (US$240 million) for a 0.39% stake.[24]

In June 2020, Saudi Arabia's Public Investment Fund confirmed that it would acquire a 2.32% stake in the company for 113.67 billion (US$1.4 billion).[25] In July 2020, Intel confirmed that it would acquire a 0.39% stake in the company for 1.89 billion (US$24 million).[26] In July 2020, Qualcomm confirmed that it would acquire a 0.15% stake in the company for .730 billion (US$9.1 million).[27] This was followed by Google purchase of 7.7% stake in the company for 337.37 billion (US$4.2 billion).[28]

In June 2021, Jio Platforms unveiled their Android smartphone named JioPhone Next, with plans to launch in India by September 2021.[29]

In February 2022, Jio Platforms formed a joint venture with satellite operator SES. The newly formed Jio Space Technology Limited will deliver broadband services in India of up to 100Gbit/s capacity using SES's SES-12 high-throughput geostationary satellite and the forthcoming O3b mPOWER medium Earth orbit satellite 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.[30]

In December 2023, Jio Studio has decided to no longer support the movies "Hera Pheri 3" and "Welcome to the Jungle".[31]

Businesses

Consumer platforms

  • Jio, telecommunications and broadband services
  • Jio Apps
    • MyJio[32]
    • JioTV, live TV streaming app
    • JioCinema, video-on-demand app[33]
    • JioSaavn, an online music streaming service[34]
    • JioChat, messaging app[35]
    • JioMeet, video-conferencing platform[36]
    • JioStore, app store for Jio STB
    • JioGamesCloud, Jio's cloud gaming service[37]
    • JioPages, web browser[38]
    • JioPay, digital payments and financial services app
    • JioSwitch, file sharing app[39]
    • JioNews, newspaper and magazine app[40]
    • JioHome, mobile remote control for Jio set-top box[41]
    • JioGate, apartment security app[42]
    • JioCloud, cloud storage services[43]
    • JioSecurity, security app[44]
    • JioHealthHub, health companion[45]
    • JioPOS Lite, Jio recharge commission earning app[46]
    • JioGameslite, online gaming[47]
  • JioMoney, digital currency and payments services[48]
  • JioMart, online grocery delivery services (partnership with Reliance Retail)[49]
  • JioSign Official website, online digital signing platform[50][49]

Enterprise platforms[51]

  • JioAttendance
  • JioMeet for Business[52]
  • JioOnline - Online marketing tool
  • JioGST[53]

Acquisitions and investments

RIL has acquired or invested in several companies, which are now under Jio Platforms:[54]

Name Type Amount Stake Ref
Haptik AI-based conversational platform $100 million 87% [55]
Embibe AI-based educational platform $180 million 72.69% [56]
Radisys Telecommunication technology $75 million 100% [57]
Reverie language technologies Ltd Vernacular chatbot & Speech Technologies $35 million 83.3%
Grab-a-Grub Delivery services $30 million 83%
Fynd[58] Internet Marketplace Platforms, E-commerce $15 million 87% [58]
EasyGov[59] Citizen convenience services $10 million 83% [59]
Asteria Aerospace Drone technology $3.3 million 51.78%
Netradyne AI services 37.4%
Tesseract Mixed Reality ₹10 crore 92.7%
SankhyaSutra Labs Simulation Services 83% [60]
C-Square Pharmaceutical technology platform 82% [61][62]
KareXpert Digital healthcare platform ₹10crore [63]
Videonetics Video surveillance technology [64]
Covacsis Technologies IOT [65]
NEWJ[66] Media ₹5crore [67]
Two Platforms Artificial Reality $15 million 25% [68]

Valuation

In 2020, the enterprise value of Jio Platforms was estimated to be 5 trillion (US$63 billion).[69] The company was also reported to be more valuable than all other businesses of RIL put together.[70] Its market capitalization put it fourth on the list of largest Indian companies, behind RIL (combined entity), Tata Consultancy Services and HDFC Bank.[71]

In January 2024, Bank of America increased their valuation to US$107 billion.[72]

See also

References

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Further reading

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