Billionaire Mukesh Ambani has found yet another high-profile firm to write a massive check to his telecom venture Reliance Jio Platforms at the height of a global pandemic.
The Public Investment Fund, one of the largest and most impactful sovereign wealth funds in the world, said on Thursday it will invest $1.5 billion in the top Indian telecom operator for a 2.32% stake in the company.
With this deal, Jio Platforms, which is India’s biggest telecom operator with 388 million subscribers, has raised 15.2 billion from ten investors including social giant Facebook in the past nine weeks.
For some context, India’s startup ecosystem raised a record $14.5 billion last year.
More to follow…
