Fifth deal for Jio Platforms; KKR invests Rs 11,367 crore

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KKR, yet another American investment firm, has invested Rs 11,367 crore in Jio Platforms for a 2.32 percent stake. This is the fifth big investment in Reliance Jio Platforms, following investments from Facebook, Silver Lake Partners, Vista Equity Partners and General Atlantic over the past few weeks.

Henry Kravis, Co-Founder and Co-CEO of KKR, said, “Few companies have the potential to transform a country’s digital ecosystem in the way that Jio Platforms is doing in India, and potentially worldwide. Jio Platforms is a true homegrown next-generation technology leader in India that is unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution. We are investing behind Jio Platforms’ impressive momentum, world-class innovation and strong leadership team, and we view this landmark investment as a strong indicator of KKR’s commitment to supporting leading technology companies in India and Asia Pacific.”

KKR has been investing in businesses in the technology sector, including BMC Software, ByteDance and GoJek through its private equity and technology growth funds. Till date the firm has invested over $30 billion (total enterprise value) in tech companies, and currently the firm’s technology portfolio has more than 20 companies across the Technology, Media and Telecom sectors.KKR is making the investment from its Asia private equity and growth technology funds.

“I am delighted to welcome KKR, one of the world’s most respected financial investors, as a valued partner in our onward march to growing and transforming the Indian digital ecosystem for the benefit of all Indians. KKR shares our ambitious goal of building a premier Digital Society in India. KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. We are looking forward to leveraging KKR’s global platform, industry knowledge and operational expertise to further grow Jio,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said,

Prior to this, General Atlantic said it will buy 1.34 percent stake in Jio Platforms for Rs 6,598.38 crore, while Vista Equity Partners said it will be picking up a 2.32 percent stake for Rs 11,367 crore. Prior to that, US private equity firm Silver Lake said it will invest Rs 5,655.75 crore in Jio Platforms for a 1.15 percent stake and Facebook said it would invest USD 5.7 billion for a 9.99 percent stake.

RIL opened its Rs 53,215 crore rights issue for subscription on Monday in an effort to achieve debt-free status in close to a year. The total capital raised by RIL after its last four deals amounted to Rs 1,20,320 crore. The company had a total debt of Rs 1,61,035 crore at the end of FY 20.

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