US-based private equity firm General Atlantic announced to invest $869.8 million (Rs. 6,598.38 crore) for 1.34% stake in Reliance Jio Platforms on Sunday joining Facebook ($5.7 billion), Silver Lake ($746.8 million) and Vista Equity Partners ($1.5 billion) in India’s largest Telecom company and a subsidiary of Reliance Industries.
Headquartered in New York — General Atlantic is an American private equity firm that provides capital and strategic support for growth companies.
“This investment 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 in a statement that remains the same as with investment after Vista Equity Partners.
In the past four weeks, Reliance Jio has announced to sell 14.8% of stake in the firm to Facebook, Silver Lake, Vista Equity Partners and General Atlantic for about $8.7 billion (Rs 67,194.75 crore).
Reliance Jio is the largest telecom network of the country with over 388 million users.
Jio Platforms is the suite of services including music streaming service JioSaavn, smartphones, broadband business, on-demand live television service JioTV, and payments service JioPay.
General Atlantic has an investment in many growing companies including Airbnb, Alibaba, ByteDance, Facebook, Slack, Snapchat, Uber, etc. this investment in Reliance Jio is noted as the largest investment by the firm in any company in Asia.
After the investment from Facebook, the company started its JioMart e-commerce venture service in India with orders can be placed via Whatsapp that has more than 400 million users in India.
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