Reliance Industries and Jio Platforms, India’s leading digital services platform, today announced an investment of Rs. 6,598.38 crore by General Atlantic, a leading global growth equity firm.
This investment values Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore.
General Atlantic’s investment will translate into a 1.34% equity stake in Jio Platforms on a fully diluted basis. 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.
General Atlantic is a leading global growth equity firm with a 40-year track record of investing in the technology, consumer, financial services and healthcare sectors.
General Atlantic has a longstanding tradition of backing disruptive entrepreneurs and companies around the world, including Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and other global technology leaders.
Mukesh Ambani, Chairman and Managing Director, Reliance Industries said, “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. 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.”
Akash Ambani, Director of Reliance Jio said, “General Atlantic’s endorsement and partnership energises Jio’s young team to set, and achieve, even more ambitious goals in our onward march.”
Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic added, “General Atlantic has nearly two decades of experience of investing in India, and specifically in founder-led businesses that are based upon principles of enablement, inclusion and progress.”
The transaction is subject to regulatory and other customary approvals.