Reliance Jio today announced that General Atlantic, a leading global growth equity firm will invest Rs. 6,598.38 crore in Jio Platforms. This 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.
Jio Platforms has raised ₹ 67,194.75 crore from leading technology investors including Facebook (Rs. 43,574 crore) in April, Silver Lake (Rs. 5,655.75 crore) and Vista Equity Partners (Rs. 11367 crore) in May.
General Atlantic’s investments have included Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and other global technology leaders.
The transaction is subject to regulatory and other customary approvals.
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 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.