During the Reliance Annual General Meeting, Chairman Mukesh Ambani announced that Google has invested ₹33,737 crore in Jio Platforms for a 7.7% stake. Google became the second largest investor in Jio after Facebook which has a 9.9% stake in the company.
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Sanchit Vir Gogia, Chief Analyst at Greyhound research believes that the decision by Google to invest in Jio is a game changer for both companies on many layers spanning devices, search, apps and commerce. Jio and Google have also entered into a commercial agreement where they are set to develop an entry level affordable smartphone for Indians.
“Google’s leadership in community apps (read search, voice, and collaboration apps) alongside Jio’s prowess in connectivity and commerce means a much greater ability to win and own market share across consumer types and network of retailers. Both parties bring suitable strengths on the table and are well positioned to deliver on the promise of growth,” Gogia told Business Insider.
P.S.: For more information on the recent investments, value that each investor brings to Jio Platforms, engagement with Microsoft, impact on Bharti Airtel, and the challenges the company can expect, read this research report by Greyhound Research.
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