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Reliance gets another round of funding in JIO worth thousands of Crore in a fortnight. Vista Equity Partners, a US-based private equity firm has decided to buy a 2.32 percent stake in Jio Platforms for Rs 11,367 crore. According to Financial Daily report, US based private equity firm Vista Equity Partners will invest Rs11,367 crore in Jio Platforms for a 2.32% stake, marking the third deal after Facebook and Silver Lake with Reliance.
Vista 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 Industries said in a statement after discussion.
Reliance Jio Infocomm, which is the largest in the country with over 388m subscribers. Reliance’s other digital properties and investments such as Jio Cinema, Jio Saavn and Haaptik are also housed under Jio Platforms. On Thursday a major global investment firm, Vista Equity Partners announced to invest Rs 11,367 cr in Jio Platforms for a 2.32% equity stake. In less than 3 weeks, Jio Platforms has now raised Rs 60,596 cr from global technology investors, report said.
This is Vista’s first sizable investment in India, RIL said. Currently, Vista portfolio companies have a significant presence in India with over 13,000 employees. Vista will become the largest investor in Jio Platforms after RIL and Facebook. Recently Facebook decided that it would invest $5.7 billion in Jio Platforms for a 9.99% stake. Then on May 4, US private equity firm Silver Lake said it will invest Rs 5,655.75 crore ($747 million) in Jio Platforms for a 1.15% stake.
Vista is the world’s largest exclusively tech-focused private equity fund, and has over $57 billion in capital commitments and 20 years of investments exclusively in enterprise software and technology companies.
Robert F. Smith, Founder, Chairman and CEO of Vista, said that the PE firm believes in the potential of the digital society that Jio is building for India. We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India, providing modern consumer, small business and enterprise software to fuel the future of one of the world’s fastest growing digital economies, said Official connected with the deal. The transaction is subject to regulatory and other customary approvals, the company said.