A couple of weeks back, Facebook picked up a 9.9 percent stake in Jio Platforms Limited, and now, American private equity firm Silver Lake has stepped up to invest Rs. 5,655.75 crores ($750 million) for 1.15 percent stake.
Silver Lake has previously invested in several companies such as Twitter, Airbnb, Alibaba, Alphabet’s Verily and Waymo, Ant Financial, and Dell Technologies. In an official statement, Egon Durban, Co-CEO, and managing partner, Silver Lake, said Jio Platforms is one of the world’s most remarkable companies led by an incredibly strong and entrepreneurial management team who are driving and actualizing a courageous vision.
“They [Jio Platforms] have brought extraordinary engineering capabilities to bear on bringing the power of low-cost digital services to a mass consumer and small business population. The market potential they are addressing is enormous, and we are honored and pleased to have been invited to partner with Mukesh Ambani and the team at Reliance and Jio to help further the Jio mission.”, he said.
Speaking of the investment, Mr. Mukesh Ambani, Chairman and Managing Director – Reliance Industries Ltd said the following: “I am delighted to welcome Silver Lake as a valued partner in continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally. Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation.”