March 28, 2024

Web and Technology News

Abu Dhabi sovereign-wealth fund invests nearly $600M in Reliance Retail at $100B valuation

Abu Dhabi Investment Authority is investing $597 million in Reliance Retail, valuing the largest Indian retail chain at a whopping $100 billion. The investment follows KKR and Qatar Investment Authority together investing $1.7 billion in the Indian fir…

Reliance’s financial services unit to offer insurance, merchant lending

Jio Financial Services, the financial services unit of Mukesh Ambani-run Indian conglomerate Reliance Industries, plans to expand to merchant lending and insurance, Ambani said at Reliance’s annual general meeting in a speech that is likely to have a repercussions for countless startups. “JFS will massively increase financial services penetration by transforming and modernising them with […]

Reliance appoints Ambani’s children to board, wife resigns

Reliance Industries said Monday it has appointed the three children of billionaire Mukesh Ambani — Isha Ambani, Akash Ambani and Anant Ambani — to its board, the latest in the succession plan at the country’s largest company, which operates the nation’s largest telecom operator and retail chain. Nita, Ambani’s wife, has resigned from the board, […]

BlackRock and Reliance’s finance unit to form asset management venture

The world’s largest asset manager is re-entering India — and it’s doing so in a partnership with Asia’s richest man. Jio Financial Services and BlackRock said Wednesday they have agreed to form a joint venture, called Jio BlackRock, as the Indian conglomerate Reliance’s finance unit begins the lucrative asset management play in the South Asian […]

Bernstein pegs Reliance as India’s eventual e-commerce kingpin

The Indian conglomerate Reliance is poised to outpace Amazon and Walmart-backed Flipkart in the race for the country’s $150 billion e-commerce market, analysts at Bernstein projected in a scathing report to clients this week, challenging the prevailing industry views that favor the incumbent global powerhouses. Bernstein’s projection hinges on a quartet of compelling advantages that they […]

Bernstein pegs Reliance as India’s eventual e-commerce kingpin by Manish Singh originally published on TechCrunch

Disney’s Hotstar loses 8.4 million subscribers as Ambani’s JioCinema ascends

Disney, the global entertainment conglomerate operating a variety of streaming platforms, suffered a 2% contraction in its total subscriber base for the quarter ending March this year. The decline is largely attributed to one specific streaming service: Hotstar. The Disney+ Hotstar platform, catering to viewers in India and Southeast Asia, lost 4.6 million subscribers during […]

Disney’s Hotstar loses 8.4 million subscribers as Ambani’s JioCinema ascends by Manish Singh originally published on TechCrunch

Ambani and James Murdoch bring HBO content to India

Warner Bros. Discovery has partnered with Mukesh Ambani-backed Viacom18 to bring HBO and other movies and shows from the WB catalog to India in a major win for the Reliance joint venture’s service that is aggressively winning mindshare from rivals including Disney’s Hotstar, Netflix and Amazon Prime Video. HBO Original, Max Original, and a selection […]

Ambani and James Murdoch bring HBO content to India by Manish Singh originally published on TechCrunch

James Murdoch’s fund slashes investment in Reliance-backed Viacom18

James Murdoch’s venture fund Bodhi Tree slashed its planned investment into Viacom18 to $528 million, down 70% from the committed $1.78 billion, the two said late Thursday as the global weakening economy hammers investors’ appetite. Viacom18, a joint venture between Mukesh Ambani’s Reliance and Paramount Global, did not say why Bodhi Tree slashed its pledged […]

James Murdoch’s fund slashes investment in Reliance-backed Viacom18 by Manish Singh originally published on TechCrunch

Ambani bats for cricket glory as Disney scales back in India

Mukesh Ambani’s Jio, the South Asian telecom powerhouse, has long sought to entice its customer base with a plethora of services aimed at boosting subscriber retention. Despite amassing over 425 million customers and claiming the mantle of India’s top network provider—due in large part to its aggressively competitive data pricing—Jio’s array of additional services has […]

Ambani bats for cricket glory as Disney scales back in India by Manish Singh originally published on TechCrunch

India’s retail giant Reliance to accept CBDC at stores

Reliance Retail, India’s largest retail chain, will start accepting retail payments in digital rupee in a move that could supercharge the adoption of the country’s recently launched CBDC. The Mukesh Ambani-led firm said it has partnered with ICICI Bank, Kotak Mahindra Bank and fintech Innoviti Technologies to launch the in-store support for digital rupee. Customers […]

India’s retail giant Reliance to accept CBDC at stores by Manish Singh originally published on TechCrunch

India’s Jio partners with Gamestream in cloud gaming push

Mukesh Ambani, one of Asia’s richest men, has made a splash in many industries over the past three decades. It now appears he has set his eyes on a new sector: Gaming. JioGames, part of Reliance Industries’ telecom platform Jio, said on Thursday it has inked a 10-year strategic partnership with French firm Gamestream. The […]

India’s Jio partners with Gamestream in cloud gaming push by Manish Singh originally published on TechCrunch

Indian giant Tata Group takes on Jio Platforms and Amazon with superapp Tata Neu

The Indian conglomerate Tata Group, a $103 billion company whose business spans across multiple industries from salt, software, telecom to steel, is ready to embrace consumer technology. The 154-year-old giant has been working – and internally testing – its audacious plan to offer a range of services from e-commerce, grocery to hotel stay in one […]

Indian giant Tata Group to debut super app on April 7

Indian conglomerate Tata Group plans to debut its long-anticipated ‘super app,’ called TataNeu, to the public on April 7, the company has disclosed on its app and Play Store page. Years-in-the-making and riddled with multiple delays and buggy performance, TataNeu is the salt-to-software giant’s attempt to go head-to-head with rivals including American e-commerce group Amazon […]

Reliance to invest $221 million for electronics manufacturing with Sanmina in India

Reliance Industries plans to invest up to $221 million in American electronics firm Sanmina to set up a joint venture as the Indian giant looks to expand its electronics manufacturing. The joint venture aims to create a “world-class” electronic manufacturing hub in India, the two said. It will prioritize high technology infrastructure hardware, for growth […]

Reliance to invest $221 million for electronics manufacturing with Sanmina in India

Reliance Industries plans to invest up to $221 million in American electronics firm Sanmina to set up a joint venture as the Indian giant looks to expand its electronics manufacturing. The joint venture aims to create a “world-class” electronic manufacturing hub in India, the two said. It will prioritize high technology infrastructure hardware, for growth […]