Reliance Industries (RIL) announced that General Atlantic, a growth equity firm, will pick up 1.34 percent stake in Jio Platforms for an investment of Rs 6,598.38 crore.
This investment values Jio Platforms an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
Jio Platforms has raised Rs 67,194.75 crore from technology investors including Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks.
Vista Equity Partners picked up 2.32 percent stake for Rs 11,367 crore into Jio Platforms.
Facebook earlier announced $5.7 billion investment in RIL’s telecom unit by buying 9.99 percent stake.
Investment firm Silver Lake will invest $746.74 million in its digital arm for picking up less than 1 percent stake.
General Atlantic has a tradition of backing disruptive entrepreneurs and companies, including Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and other global technology leaders.