Indian telecommunications firm Reliance Jio Infocomm Limited announced on Sunday that United States-based private growth equity firm General Atlantic has decided to invest Rs 6,598.38 crore in the company. In a stock exchange filing, Reliance Jio said that the investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
“General Atlantic’s investment will translate into a 1.34% equity stake in Jio Platforms on a fully diluted basis,” the company announced. “With this investment, Jio Platforms has raised Rs 67,194.75 crore from leading technology investors including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks.”
On April 22, Facebook Inc. bought a 9.99% stake in Jio Platforms, valued at $5.7 billion, or Rs 43,574 crore. On May 4, Reliance Industries announced that United States-based private equity firm Silver Lake will invest $746.74 million, or Rs 5,656 crore, in Jio Platforms. On May 8, Reliance Industries said Vista Equity Partners Limited, a United States-based private equity firm, had decided to invest Rs 11,367 crore in Jio Platforms.
Reliance Industries Chairperson Mukesh Ambani expressed his joy at Sunday’s development. “I am thrilled to welcome General Atlantic, a marquee global investor, as a valued partner,” he said in a statement. “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.”