One of the most striking footnotes in startup funding in India this month is not a new cheque but an old one paying off spectacularly. Meta Platforms and Google are sitting on nearly ₹1 lakh crore in paper profits from their 2020 investments in Jio Platforms — and neither plans to sell a single share in the upcoming IPO, The Economic Times reported on October 16, 2026.
The numbers behind the windfall
Both tech giants invested in Jio during the pandemic-era capital raise as it expanded its digital ecosystem. At the upper end of the IPO price band, that bet could be worth more than twice its original cost. Jio Platforms' ₹30,213 crore IPO values the company at ₹10.3 lakh crore, making it the fourth-largest listed company in India on market capitalisation — bigger than ICICI Bank, TCS, LIC and Hindustan Unilever, with only parent Reliance Industries (~₹16.3 lakh crore market cap) ahead of it among domestic giants.
For Reliance, the listing unlocks a separate public-market valuation for its telecom and digital businesses. For Meta and Google, it is a public mark-to-market on a strategic bet that predates the current AI-infrastructure wave — held, not harvested.
Why it matters for founders
Strategic investors who do not sell at IPO send a powerful signal to public markets: they believe the story continues. Meta and Google holding their stakes through the Jio listing is a confidence vote worth more than the ₹1 lakh crore headline. For founders courting strategics, the lesson is to look beyond the cheque size — a strategic backer's willingness to stay through the IPO is a marketing event in itself, and one worth negotiating for upfront.