Jio Platforms Ltd.

Over the past few years, Reliance Industries, the Mumbai-based conglomerate, has built India’s largest 4G network by charging some of the lowest data rates in the world (less than 5¢ a month for 1 GB). Now leading investors are turning to Jio Platforms—the holding company for Reliance’s digital businesses—to reach its more than 410 million subscribers. Among them: Facebook, to develop a WhatsApp-based e-commerce platform, and Google, with which it is aiming to roll out low-cost 5G smartphones. Last year, Jio raised over $20 billion in capital, a testament to the value and potential of its rapidly growing user base.

Write to Amy Gunia at amy.gunia@time.com.