Reliance Jio Platforms is the digital and telecom arm of Reliance Industries that operates Jio Infocomm and a portfolio of consumer apps such as JioSaavn, JioTV and JioMoney, plus smartphones and broadband services. Launched in the second half of 2016, Jio upended India’s telecom market with cut-rate data plans and free voice calls and has grown to over 388 million subscribers. The company has expanded into gaming, introduced a video call assistant for customer support, and struck a deal with Microsoft to subsidize Office 365 and Azure for small businesses. Jio Platforms said it plans to take JioSaavn public and recent investor interest has also set the stage for a broader initial public offering within five years. The parent, Reliance Industries, has signaled the new capital will help cut its roughly $21 billion net debt to zero by early 2021, amid a downturn in its oil-refining and petrochemicals business.

Total raised

$1.5B

Funding rounds

1

Latest round

Equity

Latest activity

May 2020