US-based private equity firm Silver Lake Partners will invest an additional Rs 4,546.80 crore in JioPlatforms, the technology arm of Reliance Industries, for a 0.93 percent stake.
In early May, Silver Lake had announced a Rs 5,655.75 crore investment in Jio Platforms for a 1.15 percent stake . Both deals put together, Silver Lake has now invested Rs 10,202.55 crore for a 2.08 percent stake.
With this investment, Jio Platforms has raised Rs 92,202.15 crore from leading global investors Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR and Mubadala.
Silver Lake is a leading investor in technology companies and it has a track record of betting on some of the largest and successful tech companies globally such as Twitter, Airbnb, Alibaba, Dell Technologies, ANT Financials, Twitter, Alphabet’s Waymo and Verily amongst others.
Facebook was the first to put its finger in the Jio Platforms pie with a
Rs 43,574 crore ($5.7 billion) investment for a 9.99 percent stake. The investment made Facebook the largest minority shareholder in Jio Platforms and valued the RIL technology arm at Rs 4.62 lakh crore ($66 billion) pre-money enterprise value.
Subsequently, a number of American private equity players grabbed a slice in the digital subsidiary of the Indian conglomerate.
Private equity firm
Silver Lake Partners announced a Rs 5,655.75 crore investment for 1.15 percent stake in early May. It was followed by Vista Equity Partners’ Rs 11,367 crore investment for a 2.32 percent stake. General Atlantic announced a Rs 6,598.38 crore investment for a 1.34 percent stake in Jio Platforms mid-May. And it was followed by KKR, which announced an investment worth Rs Rs 11,367 crore for a 2.32 percent stake. Abu Dhabi-based Mubadala became the first sovereign wealth fund to own a stake in Jio Platforms, by paying Rs 9.94crore for 1.85 percent ownership. Correction: The headline of the earlier copy mentioned the investment as Rs 4565 crore instead of 4547 crore. The error is regretted