When Saudi Arabia’s PIF chipped in $1.5 billion into Jio Platforms on June 18, Mukesh Ambani, India’s richest man who helms it, had stated that it marked the end of his company’s current phase of induction of financial partners.

But in just around twenty days, Jio Platforms has again managed to bring in another marquee name into its fold.

Intel Capital, the investment arm of the American chipmaker Intel, is to put in $253.5 million (Rs 1,894.50 crore) into Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. 

Intel Capitals investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis. Intel Capital joins the list of big names who have recently invested in Jio Platforms, taking the total investment amount to more than $15.5 billion (Rs 117,588.45 crore).

With this deal, Reliance Industries has so far divested 25.09% of its stake in Jio Platforms.

Before this investment, Jio Platforms had raised $15.2 billion (Rs 115,693.95 crore) from eleven  leading global investors including Facebook, Silver Lake (1 and 2), KKR, Vista Equity Partners, General Atlantic, Mubadala, Abu Dhabi Investment Authority, TPG,  L Catterton and PIF.

One of the aims of this divestment run of Reliance Industries — to see it become debt free — has already been achieved.

(Image credit: Jio Platforms)

Intel Capital invests globally in innovative companies with a focus on disruptive technology areas like cloud computing, artificial intelligence and 5G opportunities where Jio is also innovating and investing for growth. 

In a press release, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “We are extremely delighted to deepen our ties with technology leaders that embody our vision of transforming India into a leading Digital Society in the world. Intel is a true industry leader, working towards creating world-changing technology and innovations. Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally.”

Wendell Brooks, Intel Capital President, said, “Jio Platforms focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intels 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.”

Since 1991, Intel Capital has invested US$12.9 billion in more than 1,582 companies worldwide, and 692 portfolio companies have gone public or participated in a merger.

Jio Platforms, with more than 388 million subscribers, has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain. 

You can read about about the entire list of investors and why they are investing in Jio Platforms here.