It looks like its raining stakes and deals for JIO Platforms. After Facebook and Vista Equity, Mukesh Ambani extended his fund-raising streak by selling an $873 million stake to General Atlantic, a U.S.-based private equity fund.
General Atlantic had in the past helped fund Airbnb Inc. and Uber Technologies Inc.
“This investment values Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore,” said Jio Platforms. This investment continues to reaffirm Jio as a next-generation software product and platform company, the company said in a statement.
The deal was announced late Sunday and it also broadens backing for Jio’s plan to use its almost 400 million mobile phone subscribers as a base for an e-commerce drive to shake up India’s vast consumer markets from retail to education and payments.
“We are delighted that a renowned global investor like General Atlantic is partnering with us in our journey to digitally empower India and Indians,” said Akash Ambani, director of Reliance Jio. Meanwhile, Bill Ford, Chief Executive Officer of General Atlantic, said: “As long-term backers of global technology leaders and visionary entrepreneurs, we could not be more excited about investing in Jio. We have a long track record working alongside founders to scale disruptive businesses, as Jio is doing at the forefront of the digital revolution in India.”
