According to ARC Investments' financial statements for the year ended 30 June 2024, which were published on Monday, the ARC fund made an additional investment of R160-million in Rain in August, with shares acquired from another shareholder.
As a result, ARC Investments' stake in Rain has increased slightly to 21%.
"The introduction of rainOne, along with the 101 5G router, has significantly boosted Rain's growth," ARC Investments said in a statement.
"This, coupled with the business having moved beyond its most significant period of net cash outflows, has been a key factor in the increase in fair value of Rain's investment."
In July 2024, Rain launched its standalone 4G mobile service and continues to expand its coverage in various towns and cities nationwide, ARC said.
