General Atlantic picks 1.34 pc stake in Jio Platforms for Rs 6,598 crore
May 17, 2020
Mumbai (Maharashtra) [India], May 17 : Reliance Industries Ltd (RIL) and Jio Platforms on Sunday announced an investment of Rs 6,598.38 crore by leading global growth equity firm General Atlantic, valuing 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 per cent 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," the company said in a statement.
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.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said that he has 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 digitisation in enriching the lives of 1.3 billion Indians."
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, he added.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.
Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.
Jio's vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth.
Akash Ambani, Director of Reliance Jio, said: "Jio is committed to making a digitally inclusive India that will provide immense opportunities to every Indian citizen especially to our highly talented youth. General Atlantic's endorsement and partnership energises Jio's young team to set, and achieve, even more, ambitious goals in our onward march."
