American Investment Company Commits Rs 6.6K Crore To Jio Platforms

New Delhi: Close on the heels of Facebook Inc, which committed $5.7 billion to Reliance Jio, General Atlantic, an American investment firm will invest Rs 6,600 crore in Jio Platforms.

In a statement, General Atlantic said the investment will earn 1.34 per cent stake for the company in Jio. The American company had earlier funded Airbnb Inc. and Uber Technologies Inc.

The new investment comes as an addition to $8 billion deal that RIL Chairman Mukesh Ambani has sealed in recent weeks.  Welcoming the investment, Ambani said he knew General Atlantic for many decades and appreciated its trust in India’s growth potential.

General Atlantic’s CEO Bill Ford said they agree with Ambani’s conviction that digital connectivity has the potential to accelerate the Indian economy. General Atlantic has a long record of working with founders to scale disruptive businesses as Jio is doing at the forefront of the digital revolution in India, he added.

While Facebook bought 9.9 percent stake in Jio for $5.7 billion (Rs 43,574 crore) in April, Silver Lake Partners and Vista Equity Partners last week said they would invest about $2.25 billion.