Google To Invest $4.5 billion In Jio Platforms As Its First Investment From The India Digitisation Fund

Technology giant Google announced on Wednesday (15 July) that it will be investing $4.5 billion (Rs 33,737 crore) in Jio Platforms Limited as part of its investment from the $10 Billion India Digitisation Fund. Google will pick up a 7.73 percent stake in Jio in exchange of its investment.

This is the first investment made by Google under its India Digitisation Fund. The company claims that it hopes to enhance smartphone access for Indians after joining forces with Jio.

"We want to work with Jio and other leaders in the local ecosystem to ensure that smartphones—together with the apps and services in the Play Store—are within reach for many more Indians across the country", says Google's announcement.

Google CEO Sundar Pichai had announced the India Digitisation Fund on Monday (15 July) after a virtual meeting with Prime Minister Narendra Modi.

This $10 billion dollar fund will be invested via a mix of equity investments, partnerships, operational, infrastructure and ecosystem investments.

Reliance Jio in recent days has received a slew of investments totalling up to $19.67 billion from global corporations in its bid to become debt free by 2021. The companies which have invested in Jio include Facebook - which announced an investment of $5.7 billion.