Intel said on Friday it will invest $253.5 million in Jio Platforms, joining a roster of high-profile investors including Facebook and Silver Lake that have backed India’s top telecom operator in recent months.
The chipmaker’s investment arm said it is acquiring a 0.39% stake in Jio Platforms, giving the Indian firm a valuation of $65 billion. Intel Capital is the 12th investor to buy a stake in Jio Platforms, which has raised nearly $15.5 billion by selling a 25% stake since April this year.
“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,” said Wendell Brooks, Intel Capital President, in a statement.
More to follow…