U.S. investors are piling billions into Indian telecom operator Jio Platforms as they look to capitalize on the country’s booming digital economy.
Jio Platforms, owned by billionaire Mukesh Ambani’s Reliance Industries, announced in a statement on Friday that New York-headquartered private equity firm KKR is pledging $1.5 billion for a 2.32% stake in the company at a valuation of $65 billion.
The announcement comes one month after Facebook said it was investing $5.7 billion in Jio Platforms in exchange for a 9.9% stake. It was Facebook’s biggest deal since its $19 billion WhatsApp purchase.
Elsewhere, Silicon Valley venture capital firm Silver Lake said it was investing $750 million 18 days ago, and Austin-headquartered private equity firm Vista said it was taking a $1.5 billion stake 14 days ago.
Jio Platforms is clearly the flavor of the month among leading U.S. tech investors. But why? Home to 1.35 billion people, India is quickly catching up with more technologically advanced nations and investors don’t want to miss out on the opportunity that India presents.