After closing Saavn and Embibe deals, Reliance Jio is now reportedly looking for its upcoming bets in the Indian startup ecosystem.
As per an ET report, Reliance Jio is now looking to invest more to create a comprehensive ecosystem of digital products and services around its core telecom service.
To add more relevant entertainment and education content to its Jio platform, the company is looking to invest in or acquire startups operating in the content, healthcare, education technology, financial technology and transportation segments. It might also look at Jio aligning with product technology ventures, particularly those operating in AI (Artificial Intelligence) and ML (Machine Learning).
A Reliance Jio spokesperson declined to comment to ET citing the company’s mandatory period to remain quiet prior to announcing its earnings.
In April, Reliance Jio Music and Saavn merged their synergies to jointly strengthen the foothold in the Indian music streaming market. The combined value of the companies has been pegged at $1 Bn, out of which Jio Music’s implied valuation is $670 Mn leaving Saavn at a valuation of $330 Mn. With this, Reliance also acquired a partial stake in Saavn from its existing shareholders for $104 Mn.
Also, soon after this, Reliance Industries Limited (RIL) agreed to invest over $180 Mn into AI-based education platform, Embibe over the next three years. This will put RIL in a position to buy out around 72.69% stake from Embibe’s existing investors including Lightbox and Kalaari Capital.