The fund raising spree for Jio Platforms continues as private equity fund General Atlantic has said it will invest Rs 6,598.38 crore for a 1.34 percent stake. This is the fourth major deal by a global giant in Jio in less than four weeks. The new investment into Jio Platforms will add to the $8 billion deal that RIL Chairman Mukesh Ambani has sealed within the past few weeks.

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Other companies that have invested heavily into Jio Platforms include, Facebook, Silver Lake Partners and Vista Equity Partners.

With this deal, Jio Platforms has cumulatively raised a little over Rs 67,000 over the last one month.

GA is investing $875 million in Jio Platforms, India’s leading digital services platform. We are excited to partner with the Jio team to help scale wireless connectivity and accelerate digital growth across #India #DrivingGlobalGrowth https://t.co/ewh9d08nMD pic.twitter.com/2Qz54cO5sT

— General Atlantic (@generalatlantic) May 17, 2020

Here are key points from the deal:

1. This is General Atlantic’s largest investment in Asia.

2. Jio Platforms has raised Rs 67,194.75 crore from leading technology investors in less than four weeks.

3. Investments by leading global growth investors to help enable Jio to scale its ecosystem towards building a digital society in India.

4. The investments reaffirm Jio as the next generation software product and platform company.

5. This is also an endorsement of Jio’s tech capabilities and the potential of the business model in this COVID-19 world and beyond.

6. Investment is Rs 6,598.38 crore for a 1.34 percent stake.

7. This re-emphasises Jio’s continuing attraction among global investors for its deep understanding of the Indian markets, the rapid digitisation opportunity post-COVID and its capabilities to bring cutting-edge technologies and tools such as AI, blockchain, AR/VR, big data into play for all Indians.

8. Diverse marquee investors are becoming long-term shareholders in Jio Platforms because of a unique set of technologies and platforms under one entity. There are no similar opportunities available anywhere else globally. And it is an endorsement of the quality of the management.

Disclaimer: Reliance Industries Ltd., which also owns Jio, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

First Published:May 17, 2020 6:01 PM IST