Reliance Industries Limited, Jio Platforms Limited and Google LLC today announced the signing of binding agreements for an investment of Rs 33,737 crore by Google into Jio Platforms. This investment by Google values Jio Platforms at an equity value of Rs 4.36 lakh crore. Google’s investment will translate into a 7.7 per cent equity stake in Jio Platforms on a fully diluted basis. With this, the total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore.

The investment will build on Jio’s and Google’s existing efforts to expand the benefits of digitisation across the length and breadth of India, beyond the current 500+ million Internet users in the country. Jio Platforms and Google have also entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimizations to the Android operating system and the Play Store. Together we are excited to rethink, from the ground up, how millions of users in India can become owners of smartphones.