Intel is Jio Platforms’ newest investor with $253m injection

India’ Jio Platforms today announced that it will be receiving around US$253 million in investment from Intel Capital, the venture capital firm of global chipmaker Intel, in exchange for a 0.39% equity stake.

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US-based Intel Capital is the newest member in Jio’s growing roster of big-name backers, which include Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, the Abu Dhabi Investment Authority, TPG Capital, L Catterton, and Saudi Arabia’s Public Investment Fund.

To date, the digital services firm has raised about US$15.5 billion in less than three months.

Intel Capital focuses on investing in cloud computing, autonomous vehicles, AI, and 5G, among others. It has operated in India for more than two decades and employs thousands of people in Bengaluru and Hyderabad.

Since 1991, the company said it 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.

According to Wendell Brooks, the firm’s president, Jio’s capability to bring low-cost digital services to India aligns with Intel’s purpose of delivering technology to enrich lives. “Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence,” he added.

Jio, which aims to enable a digital India for 1.3 billion people, operates Reliance Jio Infocomm Limited, the largest telco in India.

Most recently, it launched a video conferencing tool called JioMeet to take on the likes of Zoom and Google Meet. It offers free unlimited high-definition calls and can support up to 100 participants in a call.

With over 560 million internet users, India is currently the second-largest online market globally. It’s estimated to have more than 650 million internet users by 2023, according to Statista.