According to Bloomberg, Google is investing USD 4 billion in India’s Jio platforms, a subsidiary of conglomerate Reliance Group, to create affordable smartphones for the Indian market. The news ensued company CEO Sundar Pichai’s claim that Google will invest USD 10 billion in India over the next 5-7 years. Jio has already received capital from prestigious investors including Facebook, Silver Lake Partners, Intel Ventures, and etc. Only last week, the company sold 0.15 percent of its equity to Qualcomm Ventures for USD 69 billion, promised to expedite India’s burgeoning 5G market. In turn, Google’s investment will focus on making entry-level smartphones for the Indian market, as the company explains in its blog post, “together we are excited to rethink, from the ground up, how millions of users in India can become owners of smartphones”.
We know you don’t want to miss any story. Subscribe to our popular Synced Global AI Weekly to get weekly AI updates.