Jio Platforms to raise $870 million from General Atlantic
This is the fourth investment by a global giant in Jio in less than a month.
Within a month Reliance Industries-owned Jio Platforms grabbed another cheque from overseas entities. After Facebook, Silver Lake, and Vista Equity, Jio is all set to raise $870 million from US investment firm General Atlantic.
The New York based company will pick up a 1.34 per cent in Jio Platforms which includes movie, music apps as well as telecoms venture Jio Infocomm.
According to Reliance, the investment values Jio Platforms at $65 billion – the same valuation implied by the Silver Lake and Vista deals and a 12.5 per cent premium over Facebook’s deal.
The deals, along with Reliance’s plan to sell $7 billion in new share, will help the Mumbai-based firm meet its target of eliminating $21.4 billion in net debt this year.
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.”