Intel to invest $253.5 million in India’s Reliance Jio Platforms

Intel said on Friday it will invest $253.5 million in Jio Platforms, joining a roster of high-profile investors including Facebook, General Atlantic, and Silver Lake that have backed India’s top telecom operator in recent months.

The American chipmaker’s investment arm said it is acquiring a 0.39% stake in Jio Platforms, giving the Indian firm a valuation of $65 billion. Intel Capital is the 12th investor to buy a stake in Jio Platforms, which has raised more than $15.5 billion by selling a 25% stake since April this year.

“Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives. We believe digital access and data can transform business and society for the better,” said Wendell Brooks, Intel Capital President, in a statement.

The announcement today comes weeks after Mukesh Ambani, who controls Reliance Industries — the parent firm of Jio Platforms — suggested that Saudi Arabia’s PIF $1.5 billion investment on June 18 in his digital unit had marked the “end of Jio Platforms’ current phase of induction of financial partners.”

Ambani, who is India’s richest man, said on Friday that he was excited to “work together with Intel to advance India’s capabilities in cutting-edge technologies that will empower all sectors of our economy and improve the quality of life of 1.3 billion Indians.”

The new deal further illustrates the opportunities foreign investors see in Jio, a four-year-old subsidiary of Reliance Industries (India’s most valuable firm) that has upended the telecommunications market in India with cut-rate voice calls and mobile data tariffs. Jio has about 400 million subscribers.

Analysts at Bernstein said last month that they expect Jio Platforms to reach 500 million customers by 2023, and control half of the market by 2025. Jio Platforms competes with Bharti Airtel and Vodafone Idea, a joint venture between British giant Vodafone and Indian tycoon Kumar Mangalam Birla’s Aditya Birla Group.

Jio Platforms also operates a bevy of digital apps and services, including music streaming service JioSaavn (which it says it will take public), on-demand live television service JioTV and payments app JioMoney, as well as smartphones and broadband business. These services are available to Jio subscribers at no additional charge.

On Thursday evening, Jio Platforms launched JioMeet, a video-conferencing service that offers unlimited calls with “up to 24 hours” time limit on each session. The service, which currently has no paid plans, looks uncannily like Zoom.

Last month, Ambani said the funds in Jio Platforms had helped him clear oil-to-retail giant Reliance Industries’ net debt of about $21 billion. Ambani had originally pledged to clear Reliance’s debt due by early 2021.

In game app-development platform Overwolf acquires CurseForge assets from Twitch to get into mods

Overwolf, the in-game app development toolkit and marketplace, has acquired Twitch’s CurseForge assets to provide a marketplace for modifications to compliment its app development business.

Since its launch in 2009, developers have used Overwolf to build in-game applications for things like highlight clips, game performance monitoring and metrics, and strategic analysis. Some of these developers have managed to earn anywhere between $100,000 and $1 million per year off of revenue from app sales.

“CurseForge is the embodiment of how fostering a community of creators around games generates  value for both players and game developers,” said Uri Marchand, Overwolf’s chief executive officer, in a statement. “As we move to onboard mods onto our platform, we’re positioning Overwolf as the industry standard for building in-game creations.”

It wouldn’t be a stretch to think of the company as the Roblox for applications for gamers and now it’s moving deeper into the gaming world with the acquisition of CurseForge. As the company makes its pitch to current CurseForge users — hoping that the mod developers will stick with the marketplace, they’re offering to increase the revenue those developers will make by 50 percent.

Overwolf said it already has around 30,000 developers, who have built 90,000 mods and apps, on its platform already.

As a result of the acquisition, the CurseForge mod manager will move from being a Twitch client and become a standalone desktop app included Overwolf’s suite of app offerings and the acquisition won’t have any effect on existing tools and services.

“We’ve been deeply impressed by the level of passion and collaboration in the CurseForge modding community,” said Tim Aldridge, Director of Engineering, Gaming Communities at Twitch . “CurseForge is an incredible asset for both creators and gamers. We are confident that the CurseForge community will thrive under Overwolf’s leadership, thanks to their commitment to empowering developers.”

The acquisition comes two years after Overwolf raised $16 million in a round of financing from Intel Capital, which had also partnered with the company on a $7 million fund to invest in app and mod developers for popular games.

“Overwolf’s position as a platform that serves millions of gamers, coupled with its partnership with top developers, means that Intel’s investment will convert into more value for PC gamers worldwide,” said John Bonini, VP and GM of VR, Esports and Gaming at Intel, in a statement at the time. “Intel has always prioritized gamers with high performance, industry-leading hardware. This round of investment in Overwolf advances Intel’s vision to deliver a holistic PC experience that will enhance the ways people interact with their favorite games on the software side as well.”

Other investors in the company include Liberty Technology Venture Capital, the investment arm of the media and telecommunications company, Liberty Media.

In game app-development platform Overwolf acquires CurseForge assets from Twitch to get into mods

Overwolf, the in-game app development toolkit and marketplace, has acquired Twitch’s CurseForge assets to provide a marketplace for modifications to compliment its app development business.

Since its launch in 2009, developers have used Overwolf to build in-game applications for things like highlight clips, game performance monitoring and metrics, and strategic analysis. Some of these developers have managed to earn anywhere between $100,000 and $1 million per year off of revenue from app sales.

“CurseForge is the embodiment of how fostering a community of creators around games generates  value for both players and game developers,” said Uri Marchand, Overwolf’s chief executive officer, in a statement. “As we move to onboard mods onto our platform, we’re positioning Overwolf as the industry standard for building in-game creations.”

It wouldn’t be a stretch to think of the company as the Roblox for applications for gamers and now it’s moving deeper into the gaming world with the acquisition of CurseForge. As the company makes its pitch to current CurseForge users — hoping that the mod developers will stick with the marketplace, they’re offering to increase the revenue those developers will make by 50 percent.

Overwolf said it already has around 30,000 developers, who have built 90,000 mods and apps, on its platform already.

As a result of the acquisition, the CurseForge mod manager will move from being a Twitch client and become a standalone desktop app included Overwolf’s suite of app offerings and the acquisition won’t have any effect on existing tools and services.

“We’ve been deeply impressed by the level of passion and collaboration in the CurseForge modding community,” said Tim Aldridge, Director of Engineering, Gaming Communities at Twitch . “CurseForge is an incredible asset for both creators and gamers. We are confident that the CurseForge community will thrive under Overwolf’s leadership, thanks to their commitment to empowering developers.”

The acquisition comes two years after Overwolf raised $16 million in a round of financing from Intel Capital, which had also partnered with the company on a $7 million fund to invest in app and mod developers for popular games.

“Overwolf’s position as a platform that serves millions of gamers, coupled with its partnership with top developers, means that Intel’s investment will convert into more value for PC gamers worldwide,” said John Bonini, VP and GM of VR, Esports and Gaming at Intel, in a statement at the time. “Intel has always prioritized gamers with high performance, industry-leading hardware. This round of investment in Overwolf advances Intel’s vision to deliver a holistic PC experience that will enhance the ways people interact with their favorite games on the software side as well.”

Other investors in the company include Liberty Technology Venture Capital, the investment arm of the media and telecommunications company, Liberty Media.

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