NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / Jio Platforms raises Rs. 6,598 crore from General Atlantic
    Jio Platforms raises Rs. 6,598 crore from General Atlantic
    Business

    Jio Platforms raises Rs. 6,598 crore from General Atlantic

    Written by Shubham Sharma
    May 17, 2020 | 08:52 pm 3 min read
    Jio Platforms raises Rs. 6,598 crore from General Atlantic

    Jio Platforms, the entity holding telecom and digital businesses of Reliance Industries Limited (RIL), has raised Rs. 6,598 crore ($869.8 million) from US-based private equity firm General Atlantic. The investment comes as the fourth big fund-raise for the Mukesh Ambani-owned telecom operator in the last one month, following its recent deals with Facebook, Silver Lake, and Vista Equity Partners. Here's all about it.

    General Atlantic to take 1.34% stake in Jio Platforms

    On Sunday, General Atlantic issued a statement announcing that the firm is investing Rs. 6,598.38 crore for a 1.34% stake in Jio Platforms. "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," Reliance said while noting that the deal reaffirms Jio's position as a next-generation software and platform company.

    Jio Platforms dominates India's digital and telecom space

    Jio Platforms dominates India's digital space; within just three-and-a-half years of launch, its telecom business - Jio Infocomm - became the biggest in the country with a whopping 388 million subscribers. And, that is not it. Jio Platforms also holds Reliance's home broadband business Jio Fiber, feature phone business, music streaming service JioSaavn, on-demand live television service, and a payments service, among other things.

    General Atlantic shares our vision of Digital Society, says Ambani

    "I am thrilled to welcome General Atlantic... 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," Mukesh Ambani said. He added, "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."

    General Atlantic has invested in some high-profile companies

    General Atlantic has invested in some very high profile companies across four key sectors: consumer, financial services, healthcare, and technology. The companies in the firm's portfolio are Airbnb, Alibaba, Ant Financial, ByteDance, Facebook, Slack, Snapchat, Uber as well as Indian firms Byju's, NoBroker, and Unacademy. As of last year, the company had over $35 billion worth of assets under management.

    Here's what General Atlantic CEO, Bill Ford, said after deal

    "As long-term backers of global technology leaders and visionary entrepreneurs, we could not be more excited about investing in Jio. We share Mukesh's conviction that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country."

    Reliance sold over Rs. 67,000 crore-worth stake since April

    The latest investment takes the total funds raised by Jio Platforms within the last one month to Rs. 67,194.75 crore. Prior to this, the company had sold a 9.99% stake to Facebook for Rs. 43,574 crore, 1.15% stake to Silver Lake for Rs. 5,655.75 crore, and a 2.32% stake to Vista Equity for Rs. 11,367 crore.

    Goal to clear debts by the end of 2020

    All these investments would ultimately help Ambani fulfill his goal of making Reliance Industries debt-free by early 2021. The company has a total net debt of Rs. 1.61 lakh crore, of which it expects to raise Rs. 1.04 lakh crore by June, Chief Financial Officer Srikanth Venkatachari had said in a recent earnings call. The rest is expected to be cleared by the year-end.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Reliance
    Reliance Industries
    Jio
    United States of America
    General Atlantic

    Reliance

    Jio Platforms raises Rs. 11,367 crore from Vista Equity Facebook
    Jio Platforms gets Rs. 5,655 crore investment from Silver Lake Mukesh Ambani
    #LeakAlert: Data from Jio's COVID-19 symptom checker exposed online TechCrunch
    Reliance's JioMart goes live on WhatsApp: Details here Navi Mumbai

    Reliance Industries

    Now, JioPhone users can use Aarogya Setu: Details here Reuters
    Coronavirus wiped nearly a quarter of Indian billionaires' wealth: Forbes Mukesh Ambani
    Jio is also bringing a video-conferencing app: Details here Mukesh Ambani
    Facebook invests $5.7 billion (Rs. 43,574 crore) in Jio Facebook

    Jio

    Amid increased strain, Reliance Jio increases JioFiber network capacity Reliance
    Recharge someone's phone, make money using JioPOS Lite app iOS
    After Jio, Airtel and Vodafone introduce ATM recharge facility ICICI Bank
    Bengaluru-based start-up launches home testing kit for COVID-19 Apple

    United States of America

    US will send ventilators to India, announces President Donald Trump India
    US Senator releases plan to hold China accountable for COVID-19 South Korea
    Austrian Princess Maria Galitzine passes away at 31 Austria
    Trump calls Fauci's warning against reopening US schools 'not acceptable' Donald Trump

    General Atlantic

    Indian ed-tech start-up Unacademy raises $110M from Facebook, others X
    Workplace messaging service Slack is raising $400mn in new round WhatsApp
    Uber's $12bn investor deal hinges on Benchmark/Kalanick lawsuit Travis Kalanick
    Jio Platforms raises Rs. 11,367 crore from KKR: Details here Mukesh Ambani
    Next News Article

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023