May 1: Reliance Jio is upping its investment in the digital ecosystem as a part of expanding services affiliated with its core telecom operation. The Mukesh Ambani-led company has already made bulky investment in Saavn and Embibe, following which the company is now reportedly planning to invest more in the Indian startup ecosystem.
With the investment, Jio will be planning to up the entertainment and education content on its Jio platform. As a result, Jio will be continuing its investment in fields like healthcare, education technology, financial technology, and transportation through acquisitions. Jio had recently announced its investment in Embibe (Indiavidual Learning Pvt Ltd), becoming its major stake holder with an investment of $180 million in a period of three years.
Prior to that, Jio announced the merger of Jio Music and Saavn to refresh its offering in the digital music streaming department. Jio Music holds a valuation close to $670 mn, while Saavn was valued at $330 mn, making the combined valuation cross over $1 bn. Jio has upped the valuation by acquiring partial stake worth Rs 104 mn in Saavn.
In addition to startup acquisition, Jio is also said to be keen on aligning product technology ventures focused on Artificial Intelligence and Machine Learning with the telecom platform. The investment is also lured by the growth of the startup ecosystem in the country.
India has just recently become the world’s third largest startup ecosystem, igniting the downpour of investment from various big players including RIL through Reliance Jio. Further investment can be expected in the due course, of which Jio is expected to be a major player, according to reports.