Jio bags another major US investment - Mobile World Live

Jio bags another major US investment

18 MAY 2020

Reliance Industries’ subsidiary Jio Platforms continued a recent run of securing investment from US companies with an INR66 billion ($868.4 million) deal to sell a 1.34 per cent stake to private equity company General Atlantic.

In a statement, Reliance Industries noted the deal with New York-based General Atlantic marks Jio’s fourth major investment from a US company in rcent weeks, raising around $8.8 billion.

The General Atlantic investment gives Jio Platforms a valuation of $65 billion, added the Indian company.

Facebook kicked-off the investment run by acquiring a 9.99 per cent stake for $5.7 billion in April, followed by private equity company Silver Lake, which bought a 1 per cent stake.

Earlier this month, Reliance Industries sold a 2.32 per cent stake to Vista Equity Partners.

Bill Ford, CEO at General Atlantic said its history of backing global technology leaders and visionary entrepreneurs convinced it to make the investment in the Reliance Industries’ subsidiary, and its chairman and MD Mukesh Ambani (pictured).

“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,” Ford said.

Jio Platforms operates broadband and online commerce services, including Reliance Jio, India’s largest mobile operator by subscribers.

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Kavit Majithia

Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >>

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