Rain closes in on R26 billion valuation

The valuation of mobile network operator Rain grew by nearly R1 billion between 31 June and 31 December 2024, according to the latest interim results from shareholder African Rainbow Capital Investments (ARCI).

ARCI, where South African billionaire Patrice Motsepe is a shareholder and chairman, invested a further R172 million in Rain, bringing its total shareholding in the mobile operator to 21.76%.

Rain told MyBroadband about its upgrade to 5.5G in December 2024 and added that it has an exciting product lineup in store for 2025.

Huawei said 5.5G networks are 10 times faster than current 5G networks, with Rain adding that incorporating artificial intelligence will enable it to unlock and offer new services.

“At Rain, we are well positioned to take advantage of 5.5G and will continue to invest in our 5G rollout throughout 2025,” it told MyBroadband.

“We can confirm we have an exciting product roadmap lined up for next year. Our plan is to leverage the benefits of 5.5G and AI, with a particular focus on mobile and new market segments.”

The mobile operator launched various new products in 2024, including several new devices in the RainX, the101 router range and a standalone mobile product.

When it launched RainOne in May 2023, Rain grandfathered its standalone 4G broadband services and exclusively started selling 5G products bundled with 4G mobile network SIMs.

This involved launching a fully-fledged nationwide 4G network, bringing the number of fully-fledged mobile network operators in South Africa back up to four, after Cell C moved away from buildings its own physical infrastructure.

Rain valuation

The table below provides an overview of ARCI’s shareholding in Rain and its valuation of the mobile operator between December 2017 and December 2024.