Jio Platforms gets another tech investor; raises funding from General Atlantic for this much stake

Global private equity firm General Atlantic (GA) will invest Rs 6,598.38 crore in Reliance Industries and Jio Platforms in exchange for a 1.34 per cent stake in the company on a fully diluted basis. The latest round of investment comes in less than four weeks after Jio Platforms raised funding from Facebook, Silver Lake, and Vista Equity Partners. GA’s round values Jio Platforms at an equity value of Rs  4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, the company said on Sunday in a statement. With the current round, the digital technology platform has raised Rs 67,194.75 crore from the four leading technology investors.

“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,”

stated Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

Jio Platforms currently has over 388 million subscribers and is likely to leverage GA’s experience from investing in global technology platforms such as Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber etc.

“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,”

said Bill Ford, CEO, General Atlantic.

The fund has been investing in India for close to two decades and has backed technology businesses and startups in India including Mu Sigma, BillDesk, Byju’s, No Broker, Unacademy etc.