Jio Platforms

Jio Platforms is an Indian multinational technology company, headquartered in Mumbai. 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]

Not to be confused with Jio.

Jio Platforms
TypePrivate
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 assetsIncrease₹506,248 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

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, Meta Platforms (then Facebook Inc.) 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 PE 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 Inc., an investment company, 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 sovereign fund PIF 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]

Businesses

Consumer platforms
  • Jio, telecommunications and broadband services
  • Jio Apps
    • MyJio[31]
    • JioTV, live TV streaming app
    • JioCinema, video-on-demand app[32]
    • JioSaavn, an online music streaming service[33]
    • JioChat, messaging app[34]
    • JioMeet, video-conferencing platform[35]
    • JioStore, app store for Jio STB
    • JioGamesCloud, Jio's cloud gaming service[36]
    • JioPages, web browser[37]
    • JioPay, digital payments and financial services app
    • JioSwitch, file sharing app[38]
    • JioNews, newspaper and magazine app[39]
    • JioHome, mobile remote control for Jio set-top box[40]
    • JioGate, apartment security app[41]
    • JioCloud, cloud storage services[42]
    • JioSecurity, security app[43]
    • JioHealthHub, health companion[44]
    • JioPOS Lite, Jio recharge commission earning app[45]
    • JioGameslite, online gaming[46]
  • JioMoney, digital currency and payments services[47]
  • JioMart, online grocery delivery services (partnership with Reliance Retail)[48]
  • JioSign Official website, online digital signing platform[49][48]

Enterprise platforms[50]
  • JioAttendance
  • JioMeet for Business[51]
  • JioOnline - Online marketing tool
  • JioGST[52]

Acquisitions and investments

RIL has acquired or invested in several companies, which are now under Jio Platforms:[53]

Name Type Amount Stake Ref
Haptik AI-based conversational platform $100 million 87% [54]
Embibe AI-based educational platform $180 million 72.69% [55]
Radisys Telecommunication technology $75 million 100% [56]
Reverie language technologies Ltd Vernacular chatbot & Speech Technologies $35 million 83.3%
Grab-a-Grub Delivery services $30 million 83%
Fynd[57] Internet Marketplace Platforms, E-commerce $15 million 87% [57]
EasyGov[58] Citizen convenience services $10 million 83% [58]
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% [59]
C-Square Pharmaceutical technology platform 82% [60][61]
KareXpert Digital healthcare platform ₹10crore [62]
Videonetics Video surveillance technology [63]
Covacsis Technologies IOT [64]
NEWJ[65] Media ₹5crore [66]
Two Platforms artificial reality $15 million 25% [67]

Valuation

In 2020, the enterprise value of Jio Platforms was estimated to be ₹5 trillion (US$63 billion).[68] The company was also reported to be more valuable than all other businesses of RIL put together.[69] Its market capitalization put it fourth on the list of largest Indian companies, behind RIL (combined entity), Tata Consultancy Services and HDFC Bank.[70]

See also

References
  1. "Jio Glass faces an uphill ride as virtual/mixed realty products remain niche". Retrieved 18 June 2020.
  2. "AR_2022-2023". Reliance Industries Limited.
  3. Kalyanaraman, Anand. "The financial engineering behind the Great Jio Fund-raise". Business Line. Retrieved 31 January 2021.
  4. "Google to invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms". The Economic Times. Retrieved 15 July 2020.
  5. "Reliance slips 59 places on Fortune list, SBI jumps 16 notches". Retrieved 2 August 2021.
  6. "Jio opens Mobile Number Portability, urges incumbent telcos to fulfil regulatory obligations". India Today. 3 September 2016. Archived from the original on 3 September 2016. Retrieved 3 September 2016.
  7. "Reliance Jio Infocomm launches 4G services for its employees", The Economic Times, 27 December 2015, archived from the original on 30 December 2015, retrieved 29 December 2015
  8. "RIL Q4 2020–21 Reports". Reliance industries. 22 January 2021. Archived from the original on 10 March 2022. Retrieved 30 January 2021.
  9. "Google to invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms". The Economic Times. Archived from the original on 17 January 2021. Retrieved 15 July 2020.
  10. "Reliance Raises ₹ 1.65 Lakh Crore From Stake Sales At Retail, Digital Arms: Key Facts". NDTV Profit. 23 September 2020. Archived from the original on 2 December 2020. Retrieved 14 April 2021.
  11. https://thebrandhopper.com/2020/11/17/brand-reliance-jio-the-history-and-the-historic-launch/
  12. https://www.telecomlead.com/4g-lte/reliance-jio-picks-up-stake-in-4g-network-vendor-airspan-52966
  13. "RIL to create ₹1.08-lakh-cr digital giant". The Hindu Business Line. Retrieved 8 May 2020.
  14. "RIL's new digital unit christened Jio Platforms Ltd". The Hindu Business Line. Retrieved 8 May 2020.
  15. "RIL Raises Nearly Rs 50,000 Crore From Jio Platforms Deals With Facebook, Silver Lake". BloombergQuint. Retrieved 8 May 2020.
  16. "Facebook to buy 9.99% stake in Reliance Jio platforms for $5.7 billion". Hindustan Times. Retrieved 8 May 2020.
  17. "Private equity firm Silver Lake to invest Rs 5,655.75 crore in Reliance Jio Platforms". Economic Times. Retrieved 8 May 2020.
  18. "General Atlantic to invest Rs 6,598.38 crore in Jio Platforms". The Economic Times. 18 May 2020. Retrieved 27 May 2020.
  19. Tripathi, Dhirendra (22 May 2020). "KKR to buy 2.32% Jio Platforms stake for ₹11,367 crore". Livemint. Retrieved 27 May 2020.
  20. "Mubadala to buy 1.85% stake in Jio Platforms for ₹9093.6 crore". The Hindu. Retrieved 4 June 2020.
  21. "Second mega Jio deal in a day: Silver Lake to invest additional ₹4,547 crore". Livemint. Retrieved 7 June 2020.
  22. "Jio Platforms Sells Rs 5,684-Crore Stake To Abu Dhabi Investment Authority". Bloomberg Quint. Retrieved 7 June 2020.
  23. "TPG to invest Rs 4547 cr in Jio Platforms for 0.9% stake; ninth deal by Jio in less than 2 months". CNBC TV18. Retrieved 17 July 2020.
  24. "Jio-L Catterton deal: After TPG, L Catterton becomes 10th investor in Jio Platforms in historic fundraising by RIL unit". Money Control. Retrieved 17 July 2020.
  25. "Saudi Arabia's Public Investment Fund to buy 2.32% stake in Jio Platforms for ₹11367 crore". Money Control. Retrieved 18 June 2020.
  26. "Intel-Jio deal: US semiconductor giant to invest Rs 1,894.5 crore in RIL unit". Money Control. Retrieved 17 July 2020.
  27. "RIL hits record high as Qualcomm invests Rs 730 crore in Jio Platforms; m-cap crosses Rs 12 lakh crore". MoneyControl. Retrieved 15 July 2020.
  28. "Google to Invest Rs 33,737 Crore in Jio Platforms for 7.7% Stake, Mukesh Ambani Announces at RIL AGM". News18. Retrieved 15 July 2020.
  29. "Google and India's Jio Platforms announce JioPhone Next". TechCrunch. 24 June 2021. Retrieved 24 June 2021.
  30. Jio and SES forge joint venture for satellite-based broadband services across India Computer Weekly. 14 February 2022. Accessed 30 April 2022
  31. "MyJio App - Manage Jio Account & Services Online". Jio.com. 16 July 2020. Retrieved 16 July 2020.
  32. "JioCinema app: How to use, features and everything related to know". India Today. 16 July 2020. Retrieved 16 July 2020.
  33. "JioSaavn releases multi-platform experience with living search, elevated podcasts, and video experience". Radio And Music. 16 July 2020. Retrieved 16 July 2020.
  34. "JioChat messaging app now available on Android, iOS: Here's how to download and use it". India Tv News. 16 July 2020. Retrieved 16 July 2020.
  35. "Jio to launch video conferencing platform JioMeet to take on Google Meet, Zoom". Livemint. 1 May 2020. Retrieved 19 June 2020.
  36. "JioGamesCloud Now Available in Beta Phase: Jio's Cloud Gaming Service". JustDailyDose. 23 December 2022. Retrieved 23 December 2022.
  37. "Jio Browser Launched for Android, Features Support for 8 Indian Languages". Gadgets360. 16 July 2020. Retrieved 16 July 2020.
  38. "Jio के इस ऐप से चुटकियों में ट्रांसफर करें फोटो और वीडियो, जानें कैसे करता है काम". News18 Hindi. 16 July 2020. Retrieved 16 July 2020.
  39. "Reliance Jio launches JioNews, a one-stop platform for newspapers, magazines". Hindustan Times. 1 May 2020. Retrieved 16 July 2020.
  40. "Download Jio Home Mobile App for your home remote control". Youth Apps. 16 July 2020. Retrieved 16 July 2020.
  41. "Jio to Launch Apartment Security Service Called Jio Gate, Official Apps Listed Online". Gadgets360. 16 July 2020. Retrieved 16 July 2020.
  42. "What is Reliance Jio Cloud Storage in Hindi". Techno2hindi. 16 July 2020. Retrieved 16 July 2020.
  43. "Know about JioSecurity, how to install it on Android device". India Today. 16 July 2020. Retrieved 16 July 2020.
  44. "Reliance Jio launches new medical and fitness app 'JioHealthHub' for the health conscious". India Today. 16 July 2020. Retrieved 16 July 2020.
  45. "Reliance Jio launches JioPOS Lite app that lets you earn commission on every recharge". Firstpost. 15 July 2020. Retrieved 15 July 2020.
  46. "Jio Games features announced at Reliance AGM 2019". BGR. 15 July 2020. Retrieved 15 July 2020.
  47. "Jio Platforms Primed to Play Pivotal Role in Indian Tech Space with Recent Investments". News18. 18 May 2020. Retrieved 27 May 2020.
  48. "JioMart app makes debut on Google Play Store for Android users". The Times of India. 18 July 2020. Retrieved 18 July 2020.
  49. "JioSign home page" (); Jiosign (jiosign.com); retrieved on 20 January 2023
  50. "Jio launches special JioFiber Business plans for traders and companies, here are all pricing details". India Today. 9 March 2021. Retrieved 10 March 2021.
  51. "Reliance Industries launches unlimited free conferencing app JioMeet as competition to Zoom". The Economic Times. Retrieved 19 November 2022.
  52. "Reliance Jio rides high on GST, comes out with JioGST starter kit". The Economic Times. Retrieved 10 March 2021.
  53. "Valuation of Jio's digital business expected to improve, say analysts". Business Standard. Retrieved 8 May 2020.
  54. "Reliance Jio arm acquires 87% in AI chatbot firm Haptik Infotech". Livemint. Retrieved 3 April 2019.
  55. "RIL completes acquisition of 73% stake in AI firm Embibe". The Economic Times. Retrieved 17 November 2022.
  56. "RELIANCE INDUSTRIES TO ACQUIRE RADISYS". Radisys. Retrieved 16 July 2020.
  57. "Reliance Industries acquires Google-backed firm Fynd - Times of India". The Times of India. TNN. 5 August 2019. Retrieved 17 November 2022.
  58. "RIL to acquire Easygov through subsidiary Reliance Industrial Investments & Holdings". 23 February 2019.
  59. "To boost e-comm play at bottom, RIL acquires Reverie, EasyGov and Sankhya Sutra Labs". Entrackr. Retrieved 4 March 2019.
  60. "Mukesh Ambani on shopping binge; Reliance buys into 23 firms in 3 years". www.businesstoday.in. 28 August 2020. Retrieved 10 March 2021.
  61. Pathak, Kalpana (20 August 2020). "Netmeds deal expands Reliance's healthcare portfolio". mint. Retrieved 10 March 2021.
  62. Pathak, Kalpana (23 May 2018). "Reliance Industries unit invests Rs10 crore in KareXpert Technologies". mint. Retrieved 10 March 2021.
  63. Chanchani, Madhav. "Reliance's GenNext ventures backs surveillance solution company Videonetics". The Economic Times. Retrieved 10 March 2021.
  64. Chanchani, Madhav. "Covacsis gets funds from Reliance Industries, Cisco venture capital arms". The Economic Times. Retrieved 10 March 2021.
  65. "RIL arms acquires substantial stake in media startup NEWJ". The Economic Times. Retrieved 17 November 2022.
  66. Upadhyay, Harsh (7 September 2019). "Reliance invests Rs 5 Cr in text-based video media startup NEWJ". Entrackr. Retrieved 10 March 2021.
  67. Yessar Rosendar, Harsh (7 September 2019). "Reliance's Jio Platforms Invests In Deep Tech Startup Two Platforms, Betting On The Metaverse". Forbes. Retrieved 4 February 2022.
  68. "What makes Jio Platforms command a ₹5 trillion valuation". Livemint. Retrieved 8 May 2020.
  69. "Jio Platforms now more valuable than rest of RIL businesses put together". Business Standard. Retrieved 8 May 2020.
  70. "RIL gains 4% after Vista Equity's investment in Jio Platforms: Know more about the deal". CNBC TV18. Retrieved 8 May 2020.

Further reading
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.