New York-based private equity fund General Atlantic Partners will invest Rs 6,598.38 crore for a 1.34 percent stake in Jio Platforms, the digital unit of Reliance Industries (RIL).
General Atlantic is buying a 1.34 percent stake in Jio Platforms, the unit that houses Reliance’s telecom venture Jio Infocomm, Mumbai-headquartered Reliance said in a statement.
Bill Ford, Chief Executive Officer of General Atlantic, said, “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. General Atlantic has a long track record working alongside founders to scale disruptive businesses, as Jio is doing at the forefront of the digital revolution in India.”
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General Atlantic is a leading global growth equity firm with a 40-year track record of investing in the Technology, Consumer, Financial Services and Healthcare sectors.
The firm has approximately $34 billion in assets under management as of March 31, 2020.
It has more than 150 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore.
General Atlantic has a $3 billion stake in India. Some of its holdings include NoBroker, edtech giants Unacademy and Byju’s, payments processor BillDesk, and National Stock Exchange of India.
Other major firms in its portfolio include Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber among others.
(Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)