Reliance Industries today announced an investment of Rs 6598.38 crores from global growth equity firm General Atlantic which translates into a 1.34% equity stake in Jio Platforms on a fully diluted basis. The investments value Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
Jio Platforms has now raised Rs 67,194.75 crore through strategic investments from Facebook, Vista Equity Partners, Silver Lake, and General Atlantic. Jio Platforms has been growing at a rapid pace with more than 388 million subscribers in a period of 4 years since its inception. The transaction is subject to regulatory approvals.
“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.”Mukesh Ambani, Chairman and Managing Director of Reliance Industries
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.”
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. Jio is committed to make 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.”
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 founderled businesses that are based upon principles of enablement, inclusion and progress. In just three and a half years, Jio has had a transformational impact in democratizing data and digital services, propelling India to be positioned as a leading global digital economy.”