OdishaPlus Bureau
Investment to help enable Jio scale its operations in India
Global growth equity firm General Atlantic is going to invest a whopping 6,598.38 crore in Reliance Industries Limited owned Jio Platforms. This investment will translate into a 1.34% equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised a sum of 67,194.75 crore from leading technology investors including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks. The transaction between the two firms is subject to regulatory and customary approvals.
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 previously backed big guns like Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and others.
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. 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 are convinced that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country.”
Akash Ambani, Director of Reliance Jio, said “We are delighted that a renowned global investor like General Atlantic is partnering with us in our journey to digitally empower India and Indians. 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 Jio has propelled India to be positioned as a leading global digital economy.”