Intel Capital, the investment arm of chipmaker Intel, has invested $253 million in India’s Reliance Jio in exchange for a 0.39% stake.
This is the 12th investment in Reliance Jio in the last 11 weeks, taking the tally to $15.5 billion. Jio Platforms has raised more money in 2020 than all of India’s startups combined last year.
Jio is India’s biggest mobile network provider with more than 388 million customers on board. Jio Platform is an umbrella company for its digital businesses including the carrier.
Intel Capital invests in startups with a focus on 5G and communication, AI, and next-gen computing. The company has put money in some notable startups such as chipmaker Broadcom and software firm RedHat.
Wendell Brooks, Intel Capital President, praised Jio’s impressive engineering capabilities to bring low-cost digital services to India:
Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s 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.
Intel already has design centers in Bengaluru and Hyderabad with thousands of employees. While the company doesn’t deal with mobile chips anymore, it could help Reliance Jio by providing supporting 5G technology for creating infrastructure.
Last month, Reliance Jio reportedly sought permission from the Indian government to test its own 5G equipment.
Celebrate Pride 2020 with us this month!
Why is queer representation so important? What’s it like being trans in tech? How do I participate virtually? You can find all our Pride 2020 coverage here.