A $20-billion fund-raising spree may take Reliance closer to its dream of becoming a digital giant, further threatening the ambitious plans U.S. companies like Amazon, Walmart and Zoom have for India.

Stake sales in Reliance’s digital unit Jio Platforms attracted not just private equity and sovereign wealth funds but also Google and Facebook, a strong endorsement for an enterprise that until a few years ago focussed largely on oil refining.

Some industry watchers equate Reliance’s digital plans — which extend from online shopping and cloud computing to telecom and digital payments — to China’s Alibaba and Tencent, companies Reliance itself calls “global peers”.

Reliance has a track record of disrupting rival businesses. With cheap smartphones and data plans, its telecom venture Jio has in four years dethroned market leaders Vodafone Idea and Bharti Airtel to become the largest telecom operator in India.

On Wednesday, billionaire chairman Mukesh Ambani said Reliance will expand e-commerce platform JioMart — which connects small retailers with consumers — to offer not just groceries, but also electronics and fashion goods.

“Jio Platforms not only has the backend infrastructure and development capabilities, but also an ever expanding captive consumer base,” said Mayank Vishnoi of Singapore-based financial advisory firm Resfeber International.

“The addition of new digital products targeting various sectors will pose threats to many large dominant players. Having strategic partners like Facebook and Google validates that Reliance gameplan is real.”