As per a latest Hindustan Times report, Microsoft is eyeing a $2 billion funding in Jio Platforms for a 2.5% stake. Jio’s valuation at present sits at round $65 billion. This would be the sixth funding in Jio Platforms inside a span of shut to 2 months if it goes via. All of them being from American corporations.
Sources conscious of the event recommend that the discussions are in early phases. The particulars are but to be finalized however it’s going to carry Jio Platforms a step nearer to its abroad IPO targets. Mukesh Ambani is outwardly prepping for a public providing within the US over the following 12 to 24 months.
Microsoft and Reliance Jio have already got a partnership in place. The telecom big information is hosted on Azure, Microsoft’s cloud platform, in India. It additionally promised to supply free Jio connectivity and Azure, Microsoft 365 providers to SMBs (small- and medium-scale companies) within the nation.
Apart from Microsoft, the corporate can also be rumored to be in talks with Saudi Arabia’s sovereign wealth fund for a minority stake sale. Jio Platforms could have raised near $12.5 billion as soon as all the offers are carried out and dusted. This will allow the telecom big, which has near 400 million subscribers in India, to significantly cut back its debt and transfer nearer to its objective of a internet debt-free future.
Reliance Jio, for these unaware, has expanded past the telecom enterprise and now presents a slew of different providers. This contains Jio Fiber, the lately launched JioMart, AJio on-line style retailer, Jio Cinema and TV, and nicely, LYF-branded smartphones as nicely.