Reliance Jio bags ₹6,598.38 crore investment from General Atlantic

Reliance Jio has so far raised ₹67,194.75 crore from investments from Facebook, Silver Lake Partners, Vista Equity Partners, and General Atlantic.

General Atlantic to invest ₹ 6,598.38 crore in Jio platforms (REUTERS)

The US-based equity firm General Atlantic will invest ₹6,598.38 crore in Reliance Industries Limited's (RIL) Jio platforms. The investment translates to a 1.34% equity stake in Jio Platforms on a fully diluted basis. So far, Reliance Jio has bagged investments from Facebook, Silver Lake Partners and Vista Equity Partners. 

According to RIL, the latest investment values Jio Platforms at an equity value of ₹4.91 lakh crore and an enterprise value of ₹5.16 lakh crore. Adding the latest investment, Jio Platforms have raised ₹67,194.75 crore thus far. 

GA is investing $875 million in Jio Platforms, India's leading digital services platform. We are excited to partner with the Jio team to help scale wireless connectivity and accelerate digital growth across #India #DrivingGlobalGrowth https://t.co/ewh9d08nMD pic.twitter.com/2Qz54cO5sT

— General Atlantic (@generalatlantic) May 17, 2020

General Atlantic in the past has invested in leading technology platforms such as Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, and Uber more.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “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. General Atlantic shares our vision of a Digital Society for India and strongly  believes in the transformative power of digitization in enriching the lives of 1.3 billion Indians. 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.”

Bill Ford, Chief Executive Officer of General Atlantic, said, “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.”