GA to invest ₹6,598.38 cr. for 1.34% stake in Jio Platforms
Tech investors make a total commitment of ₹67,195 crore
General Atlantic, a leading global growth equity firm, has agreed to invest ₹6598.38 crore in Jio Platforms Ltd., a wholly owned digital services firm of Reliance Industries Ltd., for a 1.34% stake, valuing the company at ₹5.16 lakh crore.
With this investment, Jio Platforms raised ₹67,194.75 crore from leading technology investors, including Facebook, Silver Lake, Vista Equity Partners and General Atlantic, in less than four weeks.
Mukesh Ambani, chairman and managing director of RIL, 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 digitisation 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.”
Jio Platforms is a next generation technology platform with more than 388 million subscribers.
Bill Ford, CEO 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.”
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