South African mobile network Rain has just revealed its latest numbers for the six months ending in December 2023. The company’s worth has shot up to over R23 billion (a bit over $1 billion).
ARC, a big investment company, has poured in an extra R81 million ($4.2 million) into Rain, bringing its total investment to R4.8 billion ($254 million).
ARC, led by South African billionaire Patrice Motsepe, is really into Rain, owning 21% of the company.
Rain made headlines as the first to launch a data-only 4G network in Africa, then later unveiled the continent’s first commercial 5G connection, with a little help from Rain’s been shaking things up in the market, especially after dropping the data-only tag and offering traditional telecoms services like 4G.
Their rainOne package combines mobile and fixed-wireless plans, offering unlimited data subscriptions, monthly calls at no qextra cost, internet bundles for multiple devices, and a fixed 5G connection.
This move seems to be paying off, as Rain’s value now surpasses that of struggling telecom giants Cell C and Telkom. However, some industry investors are raising eyebrows at the news.
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