General Atlantic is investing INR 6,600 Cr in Jio Platforms for 1.34% stake in the company which operates Reliance Jio and other digital services businesses.
"This investment values Jio Platforms at an equity value of Rs. 4.91 lakh crore and an enterprise value of Rs. 5.16 lakh crore", Reliance said while noting that the deal reaffirms Jio's position as a next-generation software and platform company. Besides the rights issue, the company is also selling stakes in its businesses and has announced four deals in the past month alone. The company has invested in Indian startups in the past, including Byju's and Unacademy. General Atlantic will be the fourth American investor in Jio after Vista Equity Partners, Silver Lake Partners and Facebook.
Speaking about the investment from General Atlantic, Mukesh Ambani was quoted as saying that "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".
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".
"Digital platforms and ecosystems being created by Jio will be primary drivers of this growth".
Morgan Stanley acted as financial advisor to Reliance and AZB & Partners, and Davis Polk & Wardwell acted as legal counsel.
General Atlantic has invested in some very high profile companies across four key sectors: consumer, financial services, healthcare, and technology. Paul, Weiss, Rifkind, Wharton & Garrison and Shardul Amarchand Mangaldas & Co. acted as legal counsel to General Atlantic. The PE firm, which has invested about $3 billion in India, said last week that it was looking to invest an additional $1.5 billion in Indian firms by next year - this time focusing on the players operating in consumer tech category.
In 2013, Ambani rebranded ISBL as Jio Platforms.
"We share Mukesh's conviction that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country".
In recent years, Jio Platforms has expanded its footprints into digital currencies and education, with plans to open a Jio University in 2021, with programmes related to artificial intelligence (AI), data science, digital media and integrated marketing communication for undergraduates. Three years later, he invested $33bn to build out India's 4G broadband service network, offering affordable data and free domestic calling to Boost subscribers, according to Fortune.
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