India’s leading telecom company Reliance Jio announced another funding round from US-based equity firm General Atlantic.
General Atlantic invests $873 Million in Reliance Jio for 1.34% stake, the company said in a statement.
This is the fourth deal of Investment in Reliance Jio in less than four weeks that will inject a combined $8.8 billion in the oil-to-telecom conglomerate to help it clear its debt.
The Investment puts Reliance Jio’s total value around $68 billion.
According to the Pixr8 News data, the company has raised a total of $13.5 billion in funding over 9 rounds.
The recent deal of General Atlantic follows Facebook picking up a 9.99 percent stake in the firm for $5.7 billion. Within days of that deal, Silver Lake, the world’s largest tech investor bought a 1.15 percent stake in Jio Platforms for $750 Million.
On May 8, US-based Vista Equity Partners bought 2.32 percent stake in Jio Platforms for $1.5 billion. “With this investment, Jio Platforms has raises total of $8.8 billion from leading technology investors, including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks,” the statement said.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation tech company that brings together Jio’s leading digital apps, digital ecosystems, and high-speed connectivity platform under one umbrella.
Reliance Jio Infocomm Limited, which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.
Strategic and financial investors are to form 20 per cent of Jio Platforms. Between the four deals, Reliance has sold 14.8 per cent of Jio Platforms and more such investments are likely in near future.