Wednesday, 20 May 2020


Reliance jio director akash ambani has said that they are “delighted” the genral atlantic in partnering with them. The deals marks fourth major invest


Reliance jio director Akash Ambani has said that they are “delighted” the general Atlantic in partnering with them. The deals mark fourth major investment in jio platforms in under four weeks after investment by Facebook, silver lake, vista equity partners.



Reliance media news




Mumbai, May 17, 2020: Reliance Industries Limited (“Reliance Industries”) and Jio Platforms Limited

(“Jio Platforms”), India’s leading digital services platform, today announced an investment of 6,598.38

crore by General Atlantic, a leading global growth equity firm. This investment values Jio Platforms at

an equity value of 4.91 lakh crore and an enterprise value of 5.16 lakh crore. General Atlantic’s

investment will translate into a 1.34% equity stake in Jio Platforms on a fully diluted basis. With this

investment, Jio Platforms has raised 67,194.75 crore from leading technology investors including

Facebook, Silver Lake, Vista Equity Partners and General Atlantic in less than four weeks.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform

focused on providing high-quality and affordable digital services across India, with more than 388 million

subscribers. Jio Platforms has made significant investments across its digital ecosystem, powered by

leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big

data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain.


Jio’s vision is to enable a Digital India for 1.3 billion people and businesses across the country, including

small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive


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. As an integrated team operating

under a global investment platform across 14 locations, General Atlantic invests behind themes that are

driven by innovation and entrepreneurship and supported by long-term secular growth. General Atlantic

has a longstanding tradition of backing disruptive entrepreneurs and companies around the world,

including Airbnb, Alibaba, Ant Financial, Box, ByteDance, Facebook, Slack, Snapchat, Uber and other

global technology leaders.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am thrilled to welcome

General Atlantic, a marquee global investor, as a valued partner. I have known General Atlantic for

several decades and greatly admired it for its belief in India’s huge growth potential. General Atlantic

shares our vision of a Digital Society for India and strongly believes in the transformative power of

digitization in enriching the lives of 1.3 billion Indians. We are excited to leverage General Atlantic’s

proven global expertise and strategic insights across 40 years of technology investing for the benefit of


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.”

Akash Ambani, Director of Reliance Jio, said "We are delighted that a renowned global investor like

General Atlantic is partnering with us in our journey to digitally empower India and Indians. Jio is

committed to make a digitally inclusive India that will provide immense opportunities to every Indian

citizen especially to our highly talented youth. General Atlantic's endorsement and partnership energises

Jio’s young team to set, and achieve, even more ambitious goals in our onward march."

Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic, added,

“General Atlantic has nearly two decades of experience of investing in India, and specifically in founderled businesses that are based upon principles of enablement, inclusion and progress. In just three and

a half years, Jio has had a transformational impact in democratizing data and digital services, propelling

India to be positioned as a leading global digital economy.”

The transaction is subject to regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners, and Davis Polk &

Wardwell acted as legal counsel. Paul, Weiss, Rifkind, Wharton & Garrison and Shardul Amarchand

Mangaldas & Co. acted as legal counsel to General Atlantic.

About Reliance Industries Limited (RIL)

RIL is India’s largest private sector company, with a consolidated turnover of INR 659,205 crore ($87.1

billion), cash profit of INR 71,446 crore ($9.4 billion), and net profit of INR 39,880 crore ($5.3 billion) for

the year ended March 31, 2020.

RIL’s activities span hydrocarbon exploration and production, petroleum refining and marketing,

petrochemicals, retail and digital services. RIL is the top-most ranked company from India to feature in

Fortune’s Global 500 list of ‘World’s Largest Corporations’ – currently ranking 106th in terms of both

revenues and profits. The company stands 71st in the ‘Forbes Global 2000’ rankings for 2019 – topmost among Indian companies. It ranks 10th among LinkedIn’s ‘The Best Companies to Work For In

India’ (2019).

About Jio Platforms Limited

Jio Platforms Limited (“Jio”), a wholly-owned subsidiary of Reliance Industries Limited, has built a worldclass all-IP data strong future proof network with latest 4G LTE technology (through its wholly owned

subsidiary, Reliance Jio Infocomm Limited). It is the only network conceived and born as a Mobile Video

Network from the ground up and supporting Voice over LTE technology. It is future ready and can be

easily upgraded to support even more data, as technologies advance on to 5G, 6G and beyond.

Jio will bring transformational changes in the Indian digital services space to enable the vision of Digital

India for 1.3 billion Indians and propel India into global leadership in the digital economy. It has created

an eco-system comprising of network, devices, applications and content, platforms, service experience

and affordable tariffs for everyone to live the Jio Digital Life. As part of its customer offers, Jio has

revolutionised the Indian telecom landscape by making voice calls for Jio customers absolutely free,

across India, to any network, and always. Jio makes India the highest quality, most affordable data

market in the world so that every Indian can do Datagiri.

About General Atlantic

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth

companies. Established in 1980, General Atlantic combines a collaborative global approach, sector

specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner

with great entrepreneurs and management teams to build exceptional businesses worldwide. The firm

has approximately $34 billion in assets under management as of March 31, 2020. General Atlantic 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.

For more information on General Atlantic, please visit:

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