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Power

Google is adding $4.5 billion to Jio Platforms’ war chest

Investors just can't stop pouring money into the wannabe WeChat of India.

Jio Platforms doesn't seem to be able to stop raising money.

The company confirmed Wednesday that Google bought a 7.7% stake in Jio Platforms for around $4.5 billion. Google is Jio's 13th major investor since the company started raising in April — and the company has now raised $20 billion in under three months.

While investing in Jio increasingly just seems to be what tech companies and private equity shops do, a Google deal is slightly surprising. In May, The Financial Times reported that Google was considering a stake in Vodafone Idea, Jio's struggling competitor. That would have set it up for a battle with Facebook, Jio's largest external investor. By investing in Jio, Google might instead be deciding to team up with Facebook. And together they may end up fighting Amazon, which is rumored to be investing $2 billion in Jio's other rival, Bharti Airtel.The timing of the deal is interesting, too. On Monday, Google announced a $10 billion fund to invest in India, which Sundar Pichai said would be spread across companies and data centers. A $4.5 billion stake in Jio uses up a big chunk of that fund, and isn't exactly an innovative move at this point

.

Still, it confirms what we already knew: Almost everyone is betting on Jio to become the WeChat of India. The company plans to use its immensely popular cellular network to push users into a range of digital services, ranging from edtech to ecommerce. The potential profits on offer have attracted a range of both financial and strategic investors. Facebook, Google, Intel, and Qualcomm presumably want to play a role in building (and shaping) India's future; private equity and state investment funds more likely just want a slice of the cash.

The latter should count themselves lucky: Jio has said it's no longer looking for financial partners, but is instead searching for strategic investors. With Android powering 95% of Indian smartphones, Google certainly fits the bill.

This article was updated Wednesday after Jio confirmed Google's investment.

People

Expensify CEO David Barrett: ‘Most CEOs are not bad people, they're just cowards’

"Remember that one time when we almost had civil war? What did you do about it?"

Expensify CEO David Barrett has thoughts on what it means for tech CEOs to claim they act apolitically.

Photo: Expensify

The Trump presidency ends tomorrow. It's a political change in which Expensify founder and CEO David Barrett played a brief, but explosive role.

Barrett became famous last fall — or infamous, depending on whom you ask — for sending an email to the fintech startup's clients, urging them to reject Trump and support President-elect Joe Biden.

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Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Signal at (510)731-8429.

The current state-of-the-art quantum computers are a tangle of wires. And that can't be the case in the future.

Photo: IBM Research

The iconic image of quantum computing is the "Google chandelier," with its hundreds of intricately arranged copper wires descending like the tendrils of a metallic jellyfish. It's a grand and impressive device, but in that tangle of wires lurks a big problem.

"If you're thinking about the long-term prospects of quantum computing, that image should be just terrifying," Jim Clarke, the director of quantum hardware at Intel, told Protocol.

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Dan Garisto
Dan Garisto is a freelance science journalist who specializes in the physical sciences, with an emphasis on particle physics. He has an undergraduate degree in physics and is based in New York.

Is this a VC bubble, or just the new normal?

Huge deals, little diligence and hyper-fast follow-on rounds have become commonplace. For now.

Things are looking awful frothy, aren't they?

Photo: Drew Beamer/Unsplash

The VC industry is "frothy," "overheated" or "bonkers," investors say. Whether this is the new normal or unhealthy signs of an overheated market depends on your point of view — and how well your portfolio is doing.

There are signs that VC has changed all around. In recent months, deal sizes and valuations have spiked in hot deals; due diligence on startups has evaporated as investors compete to get into hot deals first; venture firms are investing much more than they normally do; there are hyper-fast follow-on rounds; and more non-traditional investors are backing early-stage startups.

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Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. Before that, he worked as a staff writer at Forbes, covering social media and venture capital, and also edited the Midas List of top tech investors. He has also worked at newspapers covering crime, courts, health and other topics. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

Election 2020

Google says it’s fighting election lies, but its ads fund them

A new report finds that more than 1,600 brands, from Disney to Procter & Gamble, have advertisements running on sites that push pro-Trump conspiracy theories. The majority of those ads are served by Google.

Google is the most dominant player in programmatic advertising, but it has a spotty record enforcing rules for publishers.

Photo: Alex Tai/Getty Images

Shortly after November's presidential election, a story appeared on the website of far-right personality Charlie Kirk, claiming that 10,000 dead people had returned mail-in ballots in Michigan. But after publishing, a correction appeared at the top of the story, completely debunking the misleading headline, which remains, months later, unchanged.

"We are not aware of a single confirmed case showing that a ballot was actually cast on behalf of a deceased individual," the correction, which quoted Michigan election officials, read.

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Issie Lapowsky
Issie Lapowsky (@issielapowsky) is a senior reporter at Protocol, covering the intersection of technology, politics, and national affairs. Previously, she was a senior writer at Wired, where she covered the 2016 election and the Facebook beat in its aftermath. Prior to that, Issie worked as a staff writer for Inc. magazine, writing about small business and entrepreneurship. She has also worked as an on-air contributor for CBS News and taught a graduate-level course at New York University’s Center for Publishing on how tech giants have affected publishing. Email Issie.
People

Google’s productivity guru has some advice for you

Here's how Laura Mae Martin helps Google's top execs work smarter.

Laura Mae Martin, Google's executive productivity adviser, works one-on-one with the company's top brass.

Image: Google

If productivity were a product at Google, then Laura Mae Martin would be its product manager.

She's Google's executive productivity adviser, a job she created following a successful 20% project about managing inboxes that she debuted while working in keyword sales. As the company's top expert on productivity, her remit seems simple enough: Make Googlers more efficient in their day-to-day work lives. But in practice, that means working directly with the top executives of a trillion-dollar company to make some of tech's most sought-after talent better at what they do.

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Kevin McAllister

Kevin McAllister ( @k__mcallister) is an associate editor at Protocol, leading the development of Braintrust. Prior to joining the team, he was a rankings data reporter at The Wall Street Journal, where he oversaw structured data projects for the Journal's strategy team.

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