Another day, yet another big investment for Jio Platforms. New York-based private equity giant General Atlantic is investing Rs 6,598.38 crore in Jio Platforms, the Indian telco arm of Reliance Industries Limited. This would translate to 1.34 per cent equity stake in the telecom company.
Thus in total Jio Platforms has raised around Rs 67,194.75 crore from four investors including the social media giant Facebook, Silver Lake, Vista Equity Partners and finally today’s deal from General Atlantic. Currently, This investments takes the value of Jio Platforms to Rs 4.91 lakh crore (equity value) and an enterprise value of Rs 5.16 lakh crore.
Talking about today’s investor, General Atlantic got 40-years of investment track record with major investment happening in Technology, Consumer, Financial Services and Healthcare sectors. Some of their investment include Facebook, Slack, Airbnb, Alibaba, Ant Financial, Box, ByteDance, Snapchat and Uber.
“As long-term backers of global technology leaders and visionary entrepreneurs, we could not be more excited about investing in Jio. We share Mukesh’s conviction that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country. General Atlantic has a long track record working alongside founders to scale disruptive businesses, as Jio is doing at the forefront of the digital revolution in India,” commented Bill Ford, Chief Executive Officer of General Atlantic
In the last three-and-a-half-year Reliance Jio has disrupted the entire digital ecosystem of India. With cheap data plans, the telco has gathered more than 388 million subscribers, thus wearing the crown of top telecom operator in India. The telco has built its world-class eco-system with services like JioTV (live tv streaming), JioSaavn (music streaming), JioPay (payment service), JioFibre broadband, LYF smartphones and smart devices. The best part here is that the telco has been offering these devices, applications, content and services at affordable tariffs as part of Jio Digital Life.
“I am thrilled to welcome General Atlantic, a marquee global investor, as a valued partner. I have known General Atlantic for several decades and greatly admired it for its belief in India’s huge growth potential,” commented Mukesh Ambani, Chairman and Managing Director of RIL. “We are excited to leverage General Atlantic’s proven global expertise and strategic insights across 40 years of technology investing for the benefit of Jio,” he further added.