MUMBAI: Reliance Industries Limited and Jio Platforms Limited on Friday announced that Vista Equity Partners will invest Rs 11,367 crore into Jio Platforms.
This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
Vista’s investment will translate into a 2.32per cent equity stake in Jio Platforms on a fully diluted basis, making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook.
Jio Platforms has now raised Rs 60,596.37 crore from leading technology investors in less than three weeks.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries Limited, is a next-generation technology company building a Digital Society for India by bringing together Jio’s leading digital apps, digital ecosystems and India’s number one high speed connectivity platform under one umbrella.
Reliance Jio Infocomm Limited, which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.
Jio’s vision is to enable a Digital India for 1.3 billion people and businesses throughout India, especially small merchants, micro-businesses and farmers.
The infocomm has brought transformational changes in the Indian digital services space and propelled India on the path towards becoming a global technology leader and among the leading digital economies in the world.
Vista is a leading global investment firm focused on empowering and growing enterprise software, data and technology enabled companies that are reinventing industries and catalyzing change. The firm has more than USD 57 billion in cumulative capital commitments and its global network of companies collectively represent the 5th largest enterprise software company in the world.
This investment by Vista, which exclusively focuses on enterprise software, data and technology enabled companies, is further testament to the world-class digital platform that Jio has built, powered by leading technologies, such as Broadband connectivity, Smart Devices, Cloud and Edge Computing, Big Data Analytics, Artificial Intelligence, Internet of Things, Augmented and Mixed Reality and Blockchain.
Commenting on the transaction with Vista, Reliance Industries Ltd Reliance Industries Ltd Mukesh Ambani said, ”I am delighted to welcome Vista, one of the world’s marquee tech investors globally as a valued partner. Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians.
”They believe in the transformative power of technology to be the key to an even better future for everyone. In Robert and Brian, whose family hails from Gujarat, I found two outstanding global technology leaders who believe in India and the transformative potential of a Digital Indian Society. We are excited to leverage the professional expertise and multi-level support that Vista has been offering to its investments globally for the benefit of Jio.”
Commenting on the investment, Robert F Smith, Founder, Chairman and CEO of Vista, said, ”We believe in the potential of the Digital Society that Jio is building for India. Mukesh’s vision as a global pioneer, alongside Jio’s world-class leadership team, have built a platform to scale and advance the data revolution it started. ”
The transaction is subject to regulatory and other customary approvals.
Morgan Stanley acted as financial advisor to Reliance Industries and AZB and Partners and Davis Polk and Wardwell acted as legal counsels. Kirkland and Ellis LLP and Shardul Amarchand Mangaldas and Co served as legal counsels to Vista. (AGENCIES)
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