General Atlantic To Invest Rs 6,600 Crore In Jio Platform To Hold 1.34% Equity
According to reports New York based private equity fund General Atlantic will invest Rs 6,598.38 crore for a 1.34 percent stake in Jio Platforms. This is the fourth large investment that Jio Platforms draws from a foreign company in a month. The other three were Facebook, Silver Lake Partners and Vista Equity Partners. “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,” said Jio Platforms.
This investment continues to reaffirm Jio as a next-generation software product and platform company, and is also an endorsement of Jio’s tech capabilities and the potential of the business model in this Covid-19 world and beyond, the company further added.
This reemphasizes Jio’s continuing attraction among global investors for its deep understanding of the Indian markets, the rapid digitisation opportunity post-COVID and its capabilities to bring cutting-edge technologies and tools such as AI, Blockchain, AR/VR, Big data into play for all Indians, the release said.
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.”
This is General Atlantic’s largest investment in Asia.General Atlantic had in the past funded Airbnb Inc. and Uber Technologies Inc.,Report said.