That’s the headline on my newest story, out yesterday. It begins:
Facebook Inc. and a trio of U.S. private-equity firms have in the past month poured billions of dollars into an upstart mobile operator controlled by India’s richest man.
The stakes, which add up to $8.8 billion, amount to a bet that Jio Platforms Ltd. and Mukesh Ambani, the chairman and largest shareholder of its parent company, Reliance Industries Ltd., are the players best positioned to bring legions of Indian consumers fully online and into e-commerce.
Facebook’s April announcement that it would invest $5.7 billion for a stake in Mumbai-based Jio was quickly followed by $750 million from Silver Lake and $1.5 billion from Vista Equity Partners. On Sunday, Jio said it was raising $870 million from another private-equity powerhouse, General Atlantic.
I also discussed the piece on an episode of our Tech News Briefing podcast. Click here to listen, or search for the show wherever you listen to podcasts.