The end of the arguably biggest fundraising spree this year

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Reliance Industries Limited (RIL) can finally say “kthxbye” to fundraising, after raising over US$20 billion in the last few months and reaching its target capital for Jio Platforms, its digital services arm.

We took a deep dive into why Jio is so irresistible for investors in today’s article (🔒). Scroll down if you fancy a summarized read.

But first, here are your quick bytes for the day:

1️⃣ Tit for tat: China may retaliate against Nokia and Ericsson if the European Union follows the US and Britain in banning Huawei from 5G networks.

2️⃣ More than US$200 billion: That’s the valuation of Alipay provider Ant Group as it seeks to list on Shanghai’s Star market and the Hong Kong Stock Exchange.

3️⃣ Since Amazon’s launch in India in 2015, its global seller program has crossed the US$2 billion mark in cumulative ecommerce export sales.

4️⃣ A seemingly mundane Japanese company that makes coil-winding tools for cars is thriving thanks to one of its biggest customers, Tesla.

5️⃣ India can say goodbye to pay cuts, as some local startups like Zomato and UpGrad have begun restoring salaries after the country’s economy has gradually improved. The total coronavirus cases in India continues to climb, though.

6️⃣ Google is partnering with Singapore government agencies to offer new jobs and training initiatives for around 3,000 job seekers.

Busting out billions on RIL’s digital arm

Last week, Google arrived fashionably late as one of Jio’s investors. After the search engine giant’s grand entrance, the digital services firm finally wrapped up its fundraising (🔒).

• A recap of some of the investors: Facebook, Intel, Silver Lake, KKR, Vista Equity Partners, and Mubadala.
• India’s digital future is too attractive to ignore — it’s expected to generate US$710 billion in revenue by 2024.
• Almost all-in-one: Jio operates a wide array of services such as online payments, online grocery, music streaming, and even India’s largest telco, Reliance Jio.
• Bringing unique values to the table: Each of Jio’s investors has something to offer in helping it reach its goal.

Can’t stop, won’t stop raising in India