Thursday, May 21, 2020
US PE Giant KKR to Invest Rs. 11,367 Crores in Jio Platforms
RSMSSB Result 2020 – LDC/ Junior Assistant Third Selection List Released
RSMSSB 2020 – LDC/ Jr Asst Third Selection List Released
Facebook's Zuckerberg embraces remote work beyond Silicon Valley
As ecomm resumes delivery, parents rush to buy toddlers' clothes
KKR to invest Rs 11,367 crore in Jio Platforms for 2.32% stake
Twitter's plan to let users restrict tweet replies may curb some harassment, but will allow some users to shut down criticism and will reduce random engagement (Will Oremus/OneZero )
Twitter's plan to let users restrict tweet replies may curb some harassment, but will allow some users to shut down criticism and will reduce random engagement — This could make the platform less toxic — and less magical — The Twitter “reply guy” — a user, usually male …
Deel, a payroll service for remote workers, raises $14M Series A led by Andreessen Horowitz (Hugh Son/CNBC)
Deel, a payroll service for remote workers, raises $14M Series A led by Andreessen Horowitz — - Deel, a payroll platform for remote workers, has secured a $14 million series A round led by Andreessen Horowitz, sources told CNBC exclusively. As part of the investment …
KKR to invest $1.5B in Reliance Jio for a 2.32% stake; this is Reliance Jio's fifth major raise in just as many weeks (Manish Singh/TechCrunch)
KKR to invest $1.5B in Reliance Jio for a 2.32% stake; this is Reliance Jio's fifth major raise in just as many weeks — Mukesh Ambani's Reliance Jio Platforms has agreed to sell 2.32% stake to U.S. equity firm KKR in what is the fifth major investment in the top Indian telecom firm in just as many weeks.
Facebook's new safety tool to lock your profile from nosey non-friends
Gen Z TikTok stars have embraced the rise of "collab houses" in Los Angeles, where young social media personalities chasing influence live and work together (Taylor Lorenz/New York Times)
Gen Z TikTok stars have embraced the rise of “collab houses” in Los Angeles, where young social media personalities chasing influence live and work together — Gen Z influencers are settling into life in a shuttered Los Angeles. — When Gianluca Conte, 20 …
With theaters still closed, Warner Bros. drops latest Tenet trailer in Fortnite
John David Washington and Robert Pattinson star in Christopher Nolan's forthcoming new film, Tenet.
With cinemas shut down all over the world for months, all eyes have turned to July, when two major studio releases are set to debut: Disney's Mulan (bumped from its original March release), and director Christopher Nolan's highly anticipated sci-fi thriller, Tenet. It looks like Warner Bros. is boldly sticking with the latter film's planned July 17 release date, despite all the pandemic-fueled uncertainty. The studio just dropped a new trailer, which made its debut in an unusual medium: playing every top of the hour in the popular battle royale game Fortnite.
We know very little about the film, not even the usual carefully crafted official premise, although the film's title is a palindrome, meaning it reads the same backward and forward—a subtle clue. Nolan has kept any additional details (including character names) tightly under wrap. It stars John David Washington (Ballers, Black KkKlansmen) and Robert Pattinson (Twilight franchise, The Lighthouse). The film also features Kenneth Branagh (Murder on the Orient Express), Michael Caine (Inception, Interstellar), Clémence Poésy (Fleur Delacour in the Harry Potter films), Himesh Patel (Yesterday), Elizabeth Debicki (The Man from U.N.C.L.E.), Martin Donovan (Ant-Man), Aaron Taylor-Johnson (Kick-ass), and Indian film stars Dimple Kapadia and Denzil Smith.
The first trailer dropped last December. As I wrote at the time, "Fresh off his Oscar-nominated World War II drama, Dunkirk, Nolan seems to be returning to his high-concept sci-fi roots with Tenet." That trailer opened with a shot of two men rappelling up a building, in seeming defiance of the laws of physics. "We all believe we'd run into the burning building," a voiceover tells us. "But until we feel that heat, we can never know."
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KKR to invest $1.5 billion in India’s Reliance Jio Platforms
Mukesh Ambani’s Reliance Jio Platforms has agreed to sell 2.32% stake to U.S. equity firm KKR in what is the fifth major investment the top Indian telecom operator has secured in just as many weeks.
On Friday, KKR announced it will invest $1.5 billion in the top Indian telecom operator, a subsidiary of India’s most valued firm (Reliance Industries), joining fellow American investors Facebook, Silver Lake, Vista Equity Partners, and General Atlantic that have made similar bets on the Indian firm that has amassed over 388 million subscribers.
The investment from KKR, which has written checks to about 20 tech companies including ByteDance and GoJek to date, values Reliance Jio Platforms at $65 billion.
The announcement today further shows the growing appeal of Jio Platforms, which has raised $10.35 billion in the past month by selling about 17% of its stake, to foreign investors that are looking for a slice of the world’s second-largest internet market.
Ambani, the chairman and managing director of oil-to-telecoms giant Reliance Industries that has poured more than $30 billion to build Jio Platforms, said the company was looking forward to leverage “KKR’s global platform, industry knowledge and operational expertise to further grow Jio.”
Reliance Jio, which launched in the second half of 2016, upended India’s telecommunications industry with cut-rate data plans and free voice calls. Jio Platforms, a subsidiary of Reliance Industries, operates the telecom venture, called Jio Infocomm, that has become the top telecom operator in India.
Reliance Jio Platforms also owns a bevy of digital apps and services including music streaming service JioSaavn (which it says it will take public), on-demand live television service and payments service, as well as smartphones, and broadband business.
“Few companies have the potential to transform a country’s digital ecosystem in the way that Jio Platforms is doing in India, and potentially worldwide. Jio Platforms is a true homegrown next generation technology leader in India that is unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution,” Henry Kravis, co-founder and co-chief executive of KKR, said in a statement.
“We are investing behind Jio Platforms’ impressive momentum, world-class innovation and strong leadership team, and we view this landmark investment as a strong indicator of KKR’s commitment to supporting leading technology companies in India and Asia Pacific,” he added.
The new capital should also help Ambani, India’s richest man, further solidify his last year’s commitment to investors when he pledged to cut Reliance’s net debt of about $21 billion to zero by early 2021 — in part because of the investments it has made to build Jio Platforms. Its core business — oil refining and petrochemicals — has been hard hit by the coronavirus outbreak. Its net profit in the quarter that ended on March 31 fell by 37%.
In the company’s earnings call last month, Ambani said several firms had expressed interest in buying stakes in Jio Platforms in the wake of the deal with Facebook. Recent investments also pave the way for an initial public offering of Jio, which could happen within five years.
More to follow…
Realme Narzo 10A Sale in India Today at 12 Noon
The US NLRB rules that Amazon must negotiate with the Amazon Labor Union, which represents ~5K workers at its Staten Island warehouse; Amazon plans to appeal (Greg Bensinger/Reuters)
Greg Bensinger / Reuters : The US NLRB rules that Amazon must negotiate with the Amazon Labor Union, which represents ~5K workers at its ...
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The first project we remember working on together was drawing scenes from the picture books that our mom brought with her when she immigrate...
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Sohee Kim / Bloomberg : South Korean authorities are investigating a data leak at e-commerce giant Coupang that exposed ~33.7M accounts; ...
