Jio platforms bag ₹11,367 crore investment from KKR | HT Tech

Jio platforms bag 11,367 crore investment from KKR

Reliance’s Jio platforms have already raised investments from Facebook, Silver Lake, Vista, General Atlantic.

| Updated on: May 22 2020, 15:40 IST
Reliance Jio platforms raise more money
Reliance Jio platforms raise more money (HT Photo)

Reliance Industries Limited (RIL) and Jio Platforms Limited (Jio Platforms) on Friday announced that the US-based investment firm KKR will invest 11,367 crore into Jio platforms in exchange of a 2.32% equity stake. This is fifth big investment Jio platforms have received in the last one month. 

The latest transaction values Jio Platforms at an equity value of 4.91 lakh crore and an enterprise value of 5.16 lakh crore. This is said to be KKR's largest investment in Asia.

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KKR is known for backing some of the leading global technology firms such as BMC Software, ByteDance and GoJek. It has also invested in telecom and media sectors.

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Prior to KKR's investment, Jio platforms have received investments from Facebook, Silver Lake, Vista, General Atlantic. Combined, Jio platforms have received 78,562 crore investments from these companies.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am delighted to welcome KKR, one of the world's most respected financial investors, as a valued partner in our onward march to growing and transforming the Indian digital ecosystem for the benefit of all Indians. KKR shares our ambitious goal of building a premier Digital Society in India. KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. We are looking forward to leveraging KKR's global platform, industry knowledge and operational expertise to further grow Jio.”

Henry Kravis, Co-Founder and Co-CEO of KKR, said, “Few companies have the potential to transform a country's digital ecosystem in the way that Jio Platforms is doing in India, and potentially worldwide. Jio Platforms is a true homegrown next generation technology leader in India that is unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution. We are investing behind Jio Platforms' impressive momentum, world-class innovation and strong leadership team, and we view this landmark investment as a strong indicator of KKR's commitment to supporting leading technology companies in India and Asia Pacific.”

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First Published Date: 22 May, 07:30 IST