American investment firm General Atlantic has invested Rs 6,598.38 Crore in Jio Platforms for a 1.34% stake. This becomes the latest round of investment in Reliance Jio Platforms, following investments from Facebook, Silver Lake Partners and Vista Equity Partners over the past few weeks. This means Reliance Jio has raised Rs 67,194.75 from leading investors and tech companies. Over the past few weeks, Rs 11,367 crore investment from Vista Equity Partners Ltd., investment firm Silver Lake’s Rs 5,655.75 crore investment and social media giant Facebook, which invested $5.7 billion, or a Rs 43,574 crore deal.
“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,” says Mukesh Ambani, Chairman and Managing Director of Reliance Industries.
Reliance Jio says this investment by General Atlantic further reinforces the recognition of the world-class digital platform that Jio has built, powered by leading technologies, such as Broadband connectivity, Smart Devices, Cloud and Edge Computing, Big Data Analytics, Artificial Intelligence, Internet of Things, Augmented and Mixed Reality and Blockchain. Jio has more than 388 million subscribers and has the vision to enable a Digital India for 1.3 billion people and businesses across the country.
General Atlantic, which is now in its 40th year, has invested in Technology, Consumer, Financial Services and Healthcare sectors. Some of the previous tech investments include tech companies Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat and Uber. General Atlantic current and past technology investments also include Slack, Byju’s, OpenClassrooms and Lenovo.
“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,” says Bill Ford, Chief Executive Officer of General Atlantic.
“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,” says Akash Ambani, Director of Reliance Jio.