Alphabet Inc.'s Google /zigman2/quotes/205453964/composite GOOG +1.78% /zigman2/quotes/202490156/composite GOOGL +1.80% announced Wednesday that it intends to invest $4.5 billion in Jio Platforms Ltd., part of the company's broader initiative to invest in digitization in India. Google plans to jointly develop an entry-level smartphone with Jio. Google said in a blog post that the majority of people in India don't have internet access and that even fewer own smartphones. Jio's "investments to expand telecommunications infrastructure, low-cost phones and affordable internet have changed the way its hundreds of millions of subscribers find news and information, communicate with one another, use services and run businesses," Google said in the blog post. The tech giant announced earlier in the week that it was launching a new fund for digitization in India that would invest $10 billion over the next five to seven years in areas like making sure people in India can access technology in their own language and bringing digital tools to small businesses. Alphabet shares have rallied 21% over the past three months as the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.40% has gained 15%.