Tuesday, October 20, 2020

Jio Platforms Raises ₹11,367 Cr From KKR After General Atlantic Funding

  • Jio Platforms, Reliance Industries Ltd (RIL), has raised Rs 11,367 crore from global investment firm KKR in its fifth fundraising in a month.

Jio Platforms, a subsidiary of Reliance Industries Ltd (RIL), has raised Rs 11,367 crore from global investment firm KKR in its fifth fundraising in a month.

It is KKR’s first investment in Asia which will turn into a completely diluted 2.32 percent interest in Jio Platforms. KKR is investing in its private equity and development growth funds in Asia.

This transaction values Jio Services at a Rs 4.91-lakh crore equity valuation and a Rs 5.16-lakh crore enterprise value.

Over the past month, Jio Platforms raised funds from investors such as Facebook, Silver Lake, Vista, General Atlantic, and KKR for Rs 78,562 crore.

“I am pleased to welcome KKR, one of the most admired financial investors in the world, as a trusted partner in our onward march towards the development and transformation of the Indian digital economy to the benefit of all Indians. KKR shares our ambitious aim of creating a leading Digital Society in India, “said Mukesh Ambani, RIL ‘s president, and managing director.

“KKR has an established track record of being a trusted partner for industry-leading franchises and has a long-standing commitment to India. We look forward to leveraging KKR’s global network, industry knowledge, and operational experience so that Jio can continue to expand, “he added.

Morgan Stanley was RIL’s financial advisor, and AZB & Partners and Davis Polk & Wardwell were the legal advisors. Deloitte Touche Tohmatsu India LLP has served as KKR’s financial adviser. KKR was represented by Shardul Amarchand Mangaldas & Co. and Simpson Thacher & Bartlett LLP.

“Few companies can change the digital economy of a country in the way that Jio Networks is doing in India, and potentially around the world. Jio Platforms is India’s first indigenous next-generation technology pioneer, unrivaled in its ability to bring technology innovations and services to a world undergoing a digital revolution. We are investing behind the incredible momentum of Jio Platforms, world-class innovation, and strong leadership team, and we view this milestone investment as a strong indication of KKR ‘s dedication to supporting leading technology companies in India and the Asia Pacific, “said Henry Kravis, KKR’s co-founder, and co-CEO.

This is the fifth foreign investment in Jio Platforms in the last two months. Before this General Atlantic, Silver Lake, Vista Partners & Facebook have invested respectively.

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

Related Posts

Next Post

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

FOLLOW US

Login to your account below

Fill the forms bellow to register

Retrieve your password

Please enter your username or email address to reset your password.