The announcement further illustrates the growing appeal of Jio Platforms, which has raised $8.85b in the past month by selling about 14.7% of its stake to foreign investors.
General Atlantic’s investment values Jio Platforms at $65 billion — the same valuation implied by the Silver Lake and Vista deals and a 12.5% premium over Facebook’s deal, the Indian firm said. Reliance Industries chairman Ambani, who has poured more than $30 billion to build Jio Platforms, said the telecom network would “leverage General Atlantic’s proven global expertise and strategic insights across 40 years of technology investing.” “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,” he added. “In just three and a half years, Jio has had a transformational impact in democratizing data and digital services, propelling India to be positioned as a leading global digital economy,” said Sandeep Naik, MD and Head of India & Southeast Asia at General Atlantic, in a statement. Facebook has said that other than offering capital to Jio Platforms for a 9.99% stake in the firm, it will work with the Indian giant on a number of areas starting with e-commerce.