Facebook and ByteDance investor General Atlantic pumps $870 million into Reliance Jio

India’s Reliance Jio has scored its fourth investment in four weeks. US-based firm General Atlantic has invested ₹6,598.38 cores ($870 million) in Jio Platforms in exchange for a 1.34% stake.

In the past month, Facebook, Silver Lake, and Vista have invested more than $8 billion in Jio, picking up 9.9%, 1%, and 2.32% stakes.

Bill Ford, Chief Executive Officer of General Atlantic, said the firm shares Reliance chairman Mukesh Ambani‘s conviction that digital connectivity has the potential to significantly accelerate the Indian economy:

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.

General Atlantic has an impressive portfolio of investments that includes Airbnb, Alibaba, Ant Financial, Box, ByteDance, Duolingo, Facebook, Slack, Snapchat, and Uber. In India, the firm has invested in educational startups Byju and Unacademy and real-estate startup NoBroker.

developing…

Published May 17, 2020 — 12:07 UTC