Jio is leading transformation of India's technology sector: PIF's Governor
"We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India," said Yasir Al-Rumayyan, Governor of PIF, following the investment.
He added, "We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."
Jio Platforms dominates India's digital and telecom space
Jio Platforms dominates India's digital space; the company's telecom business, Jio Infocomm, debuted three-and-a-half years ago, and in such a short span, it has become the largest in the country with 388 million subscribers.
Beyond that, Jio Platforms also holds Reliance's home broadband business Jio Fiber, feature phone business, music streaming service JioSaavn, on-demand live television service, a payments service, among other things.
"From Oil Economy, this relationship is now moving to strengthen India's New Oil (Data-driven) Economy, as is evident from PIF's investment into Jio Platforms. I have greatly admired the defining role PIF has played in driving the economic transformation of the Kingdom of Saudi Arabia."