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Jio Platforms

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Not to be confused with Jio.

Jio Platforms
Company typeSubsidiary
IndustryTechnology
Founded2019; 5 years ago (2019)
FounderMukesh Ambani
HeadquartersNavi Mumbai, Maharashtra,
India
Area served
Worldwide
Key people
Akash Ambani
(Chairman)
Kiran Thomas
(CEO)
Products
RevenueIncrease ₹117,805 crore (US$14 billion) (2023)[2]
Increase ₹26,780 crore (US$3.2 billion) (2023)[2]
Increase ₹20,372 crore (US$2.4 billion) (2023)[2]
Total assetsIncrease ₹506,248 crore (US$61 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 Limited is an Indian multinational technology company, headquartered in Mumbai, 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$18 billion) by selling a 32.97% equity stake in the company.[4] In August 2021, it was ranked 155th on the 2021 Fortune Global 500 list of the world's biggest corporations.[5]

History

[edit]

Jio soft-launched on 27 December 2015 with a beta for partners and employees[6][7][8] 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.[9]

In September 2019, Jio launched a fibre-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$23 billion in 2023) by selling a nearly 33% equity stake in Jio Platforms.[10][11]

Later, continuing as RIL's telecom subsidiary, Infotel Broadband Services Limited was renamed Reliance Jio Infocomm Limited (RJIL) in January 2013.[12]

In 2014, Reliance Jio Infocomm, the 4G LTE venture of Reliance Industries (RIL), picked up a stake in Israeli telecom network vendor Airspan Networks. Reliance Jio will also source 4G LTE towers from Airspan to deploy 4G services.[13]

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$13 billion) liability of Jio was transferred to RIL, and in turn, RIL received preferential shares of Jio Platforms.[14][15] According to some observers, the restructuring was done to keep the digital businesses of the group within a debt-free entity.[16]

In April 2020, Facebook acquired a 9.99% stake in Jio Platforms for ₹435.74 billion (US$5.2 billion).[17] According to this deal, while Jio Platforms retained ₹149.76 billion (US$1.8 billion), the parent company got the remaining ₹285.98 billion (US$3.4 billion) for redeeming the optionally convertible preference shares it held in the subsidiary.[16]

In May 2020, private equity firm Silver Lake Investors obtained a 1.15% stake with a ₹56.5 billion (US$680 million) investment in the company.[18] However, unlike the previous transaction, Jio Platforms retained the entire investment in this case.[16] General Atlantic then announced that it would invest ₹65.988 billion (US$790 million) in Jio Platforms for a 1.34% stake in the company.[19] American private equity firm KKR acquired a 2.32% stake in Jio Platforms for ₹113.67 billion (US$1.4 billion).[20]

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).[21] Silver Lake increased its stake to 2.08% with an additional ₹45.47 billion (US$540 million) investment.[22] Abu Dhabi Investment Authority then bought a 1.16% stake in the company for ₹56.84 billion (US$680 million).[23] On 13 June, TPG took a stake in Jio Platforms of 0.93% worth ₹45.468 billion (US$540 million).[24] L Catterton also invested ₹18.945 billion (US$230 million) for a 0.39% stake.[25]

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).[26] In July 2020, Intel confirmed that it would acquire a 0.39% stake in the company for ₹1.89 billion (US$23 million).[27] In July 2020, Qualcomm confirmed that it would acquire a 0.15% stake in the company for ₹7.30 billion (US$87 million).[28] This was followed by Google's purchase of a 7.7% stake in the company for ₹337.37 billion (US$4.0 billion).[29]

In June 2021, Jio Platforms unveiled their Android smartphone named JioPhone Next, with plans to launch in India by September 2021.[30][31]

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 100 Gbit/s capacity using SES's SES-12 high-throughput geostationary satellite and the 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 respectively own 51% and 49% equity stakes in the new company.[32]

In December 2023, Jio Studios decided to back out of producing upcoming Akshay Kumar movies Hera Pheri 3 and Welcome to the Jungle.[33]

In the company's 47th annual general meeting, chairman Mukesh Ambani unveiled the artificial intelligence platform, JIO Brain.[34]

Businesses

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Consumer platforms

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  • Jio, telecommunications and broadband services
  • JioMoney, digital currency and payments services[35]
  • JioMart, online grocery delivery services (partnership with Reliance Retail)[36]
  • JioSign, online digital signing platform[37][36]
  • Jio Apps
    • MyJio[38]
    • JioTV, live TV streaming app
    • JioSaavn, an online music streaming service[39]
    • JioChat, messaging app[40]
    • JioMeet, video-conferencing platform[41]
    • JioGamesCloud, Jio's cloud gaming service[42]
    • JioSphere, web browser[43]
    • JioSwitch, file sharing app[44]
    • JioNews, newspaper and magazine app[45]
    • JioHome, mobile remote control for Jio set-top box[46]
    • JioGate, apartment security app[47]
    • JioCloud, cloud storage services[48]
    • JioSecurity, security app[49]
    • JioHealthHub, health companion[50]
    • JioPOS Lite, Jio recharge commission earning app[51]
    • JioGameslite, online gaming[52]
    • JioSafe, encrypted voice and video calling app[53][54]
    • JioGauSamriddhi, IoT enabled smart cattle and dairy management [55][56]
    • JioKrishi, Agri IoT solutions [57]
    • JioNews, news aggregator[58]

Enterprise platforms

[edit]

Acquisitions and investments

[edit]

RIL has acquired or invested in several companies, which are now under Jio Platforms:[62]

Name Type Amount Stake Ref
Haptik AI-based conversational platform $100 million 87% [63]
Embibe AI-based educational platform $180 million 72.69% [64]
Radisys Telecommunication technology $75 million 100% [65]
Fynd[66] Internet marketplace platforms, E-commerce $15 million 87% [66]
EasyGov[67] Citizen convenience services $10 million 83% [67]
SankhyaSutra Labs Simulation services 83% [68]
C-Square Pharmaceutical technology platform 82% [69][70]
KareXpert Digital healthcare platform ₹10crore [71]
Videonetics Video surveillance technology [72]
Covacsis Technologies IOT [73]
NEWJ[74] Media ₹5crore [75]
Two Platforms Artificial reality 25% [76]

See also

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References

[edit]
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Further reading

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