Google confirmed Wednesday it’s investing $4.5 billion into Indian digital services firm Jio Platforms in exchange for a 7.7% stake in the company, which is valued at $65 billion.
The investment, reported by Bloomberg on Tuesday and confirmed by Google VP Sameer Samat in a blog post, comes less than four months after Facebook said it was pumping $5.7 billion into Jio Platforms.
Owned by Mukesh Ambani’s Reliance Industries, Jio Platforms operates the Jio Infocomm telecom network, which has amassed over 388 million 4G subscribers since launching in 2016. Today it is India’s top telco, and also has several apps and other services in e-commerce and broadband.
