Private equity firm, General Atlantic has today invested $870 million in Reliance Jio Platforms, continuing a series of investments in the Mukesh Ambani owned company. With this investment, General Atlantic has bought a 1.34% stake in Jio Platforms.
In just the last month, Jio has raised $8.85 billion by selling around 14.7% stake of the company to foreign investors. This includes investments by Facebook, Vista, Silver Lake, and General Atlantic. The company has been an attractive investment option for foreign companies looking to get into India’s fast growing internet market. Jio is a major player there, and it’s the biggest telecom operator in Delhi as well.
General Atlantic isn’t new to investing in India. The company has invested in Indian startups in the past, including Byju’s and Unacademy. It has also invested in major consumer tech giants including Snapchat, Alibaba, Airbnb, Facebook, and Slack among other big tech names.
Speaking about the investment from General Atlantic, Mukesh Ambani was quoted as saying that “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.”