As the latest reports suggest, Reliance Jio is expected to bag its 11th big deal in last 3 months from Saudi Arabia’s wealth fund Public Investment Fund (PIF). As Gulf News reported, the companies are in advanced talks of the deal and if everything goes right, PIF will be investing about $1.5 billion in Reliance Jio for a 2.33% stake.
Jio has been closing a new deal every weekend from last three months and has been taking the market by surprise. The funding spree with Facebook’s investment of Rs 43,574 crore on April 22 this year and has not stopped since. Post this, global companies like Vista Equity, General Atlantic, KKR, Silver Lake, Mubadala, Abu Dhabi Investment Authority, TPG, and L Catterton have also invested in the digital arm of Reliance Industries.
In last few weeks, Jio has received a total funding of Rs 1,04,326.65 from 9 global names by diluting 22.38% total stake. Jio has also recently entered the online grocery vertical with the launch of JioMart as it competes with the likes of established companies like BigBasket and Grofers.
It is also reported that the company would not dilute more than 25% of its stake so every investment post PIF will be very strategic. It will be interesting to see the changes in the Indian market after Reliance’s funding spree and what does it bring on table for consumers.