Technology company Jio Platforms said on Friday that it received roughly 91 billion rupees ($ 1.2 billion) from the Mubadala Investment Company for a 1.85% stock.

This brings the billionaire’s recent fundraising effort to 877 billion rupees ($ 11.6 billion) so far, showing the company’s sixth largest investment in less than two months.

“Mubadala, one of the smartest and transformative global growth investors, [with] On our journey to advance India’s digital growth, “Ambani said on Friday.

Jio is part of Ambani’s dispersed conglomerate, Reliance Industries. It includes Reliance Jio, India’s largest mobile network, with over 388 million subscribers. Jio also has an application ecosystem that offers millions of mobile users everything from online market shopping to digital payments to video streaming.

Facebook (FBI) started investment splurge In April Investing $ 5.7 billion in Jio Platforms for a share of about 10%. Since then, Jio has funded the clutch of A-list American investors such as Silver Lake, Vista, General Atlantic, and KKR.

Meanwhile, Mubadala has a $ 229 billion portfolio with bets on technology, energy, mining, aviation, real estate, and healthcare.

“We have seen how Jio has transformed communication and connectivity in India,” said Khaldoon Al Mubarak, Managing Director and CEO of Mubadala. Said.

Mubadala’s investment roughly values ​​the company $ 65 billionAccording to Jio, similar to the company’s previous agreements.

Analysts say Ambani’s ultimate goal is to establish the next global technology company, and Google (GOOGLE), Tencent (TCEHY), Amazon (AMZN) and Ali Dad (FATHER).

The billions raised in the past few weeks will be used to increase this passion and pay off the balloon debt at Jio’s parent company. The oil and energy industry, which makes up much of Reliance’s business, coronavirus pandemic. Global oil demand has declined due to sharp declines in transportation, industrial and commercial activities.

Ambani said at the meeting of shareholders last year that Reliance Industries wanted it to be a “zero net debt company” by March 2021. As of March 2020, Reliance’s books had about $ 44 billion in debt.

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Reliance Industries said in April that the program was planned ahead of time and will reach its zero debt target by the end of the year.

Abbott Hopkins

Analyst. Amateur problem solver. Wannabe internet expert. Coffee geek. Tv guru. Award-winning communicator. Food nerd.