How Asia's richest man is trying to build the next global tech giant
Hong Kong (CNN Business)Mukesh Ambani wants to build the next global technology company. And if he plays his cards right, his mobile carrier and technology juggernaut Jio Platforms could soon hold rank alongside the likes of Google (GOOGL), Amazon (AMZN), Alibaba (BABA) and Tencent (TCEHY).
Jio Platforms already has an ecosystem of apps — which feature everything from online grocery shopping to video streaming — that it serves to the 388 million people subscribed through the Reliance Jio mobile network in India.
Now, Asia's richest man is getting even more ambitious. In the span of a few weeks, he's amassed a $9 billion war chest from Facebook (FB) and a clutch of A-list American investors to fuel the next phase of his domination of India's internet, the fastest growing in the world.
Ambani "definitely [wants Jio Platforms] to be more than just a telecom company. They want to be the next Google or Tencent of India," said Wylie Fernyhough, an analyst with PitchBook.
The "ultimate goal," according to Counterpoint Research analyst Tarun Pathak, is to become everything to every Indian and build an indispensable platform for the country's hundreds of millions of internet customers.