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Traffic stretches back in Hero Honda chowk as waterlogging during monsoon downpours causes traffic jams in Gurgaon on July 29, 2016. Thousands of Indians were left stranded overnight July 29, as major traffic gridlock paralysed roads leading to a key business city near New Delhi and authorities struggled to get the situation under control. / AFP / STRINGER (Photo credit should read STRINGER/AFP via Getty Images)
How Big Tech plans to clean up the world's most polluted city
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Published 11:57 PM EDT, Thu May 7, 2020
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Traffic stretches back in Hero Honda chowk as waterlogging during monsoon downpours causes traffic jams in Gurgaon on July 29, 2016. Thousands of Indians were left stranded overnight July 29, as major traffic gridlock paralysed roads leading to a key business city near New Delhi and authorities struggled to get the situation under control. / AFP / STRINGER (Photo credit should read STRINGER/AFP via Getty Images)
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"Sophia" an artificially intelligent (AI) human-like robot developed by Hong Kong-based humanoid robotics company Hanson Robotics is pictured during the "AI for Good" Global Summit hosted at the International Telecommunication Union (ITU) on June 7, 2017, in Geneva. The meeting aim to provide a neutral platform for government officials, UN agencies, NGO's, industry leaders, and AI experts to discuss the ethical, technical, societal and policy issues related to AI. / AFP PHOTO / Fabrice COFFRINIFABRICE COFFRINI/AFP/Getty Images
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Jon Sarlin Amanda Steen 1
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Hear why this teacher says schools should embrace ChatGPT, not ban it
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Are Musk's Twitter actions a speed bump for Tesla?
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OpenAI ChatGPT STOCK
He loves artificial intelligence. Hear why he is issuing a warning about ChatGPT
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Hong Kong CNN Business  — 

Another week brings another massive injection of cash for India’s biggest tech and telecom firm.

US investment firm Vista Equity is pumping nearly 114 billion rupees ($1.5 billion) into Jio Platforms, the digital technology arm of Indian billionaire Mukesh Ambani’s sprawling conglomerate Reliance Industries.

Reliance said on Friday that the deal values Jio at about $65 billion.

Sim card packets for Reliance Jio, the mobile network of Reliance Industries Ltd., are displayed for a photograph at a store in Mumbai, India, on Sunday, Jan. 19, 2020.
Sim card packets for Reliance Jio, the mobile network of Reliance Industries Ltd., are displayed for a photograph at a store in Mumbai, India, on Sunday, Jan. 19, 2020.
Dhiraj Singh/Bloomberg/Getty Images

Related article Reliance Jio lands another major cash infusion to fuel its digital dominance in India

“Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians,” Ambani said in a statement.

The investment marks the third marquee cash injection for Ambani’s growing tech empire in less than three weeks. Facebook (FB) invested $5.7 billion in Jio Platforms in late April and private equity firm Silver Lake followed earlier this week with $750 million.

With a 2.3% stake, Vista would be the third largest investor in Jio Platforms, behind Reliance Industries and Facebook (FB). The deal is subject to regulatory approval.

Jio Platforms has several services under its umbrella, including Reliance Jio, the mobile network that has taken India by storm since launching less than four years ago. The carrier has racked up 388 million users, put Ambani’s brother and rival out of business and forced other local operators to merge. Jio Platforms also includes a family of apps where users can stream movies, shop online, send text messages, read news and more.

Vista Equity, which has over $57 billion in capital commitment, invests in software, data and technology companies.

Robert Smith, Vista chairman and CEO, said in a statement that the investment in Jio will help fuel “exponential growth in connectivity across India.”

Traders hold placards during a demonstration demanding the closure of online shopping platforms Amazon and Flipkart, in New Delhi on January 15, 2020. Bezos, whose worth has been estimated at more than $110 billion, is officially in India for a meeting of business leaders in New Delhi. (Photo by Sajjad Hussain/AFP/Getty Images)
Traders hold placards during a demonstration demanding the closure of online shopping platforms Amazon and Flipkart, in New Delhi on January 15, 2020. Bezos, whose worth has been estimated at more than $110 billion, is officially in India for a meeting of business leaders in New Delhi. (Photo by Sajjad Hussain/AFP/Getty Images)
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India is in the midst of an internet boom. It is the world’s second-largest smartphone market and it boasts hundreds of millions of users eager to take part in the growing digital economy.

And there is still plenty of room to grow: Close to 600 million people in India have yet to gain internet access.

That is why the likes of Alibaba (BABA), Amazon (AMZN), Google (GOOGL GOOGLE), Tencent (TCEHY), SoftBank (SFTBY SOFTBANK) and countless other technology giants have pumped billions of dollars into India’s internet scene.