Jio Platforms is on a roll. The Mukesh Ambani-led digital platform has secured additional investment of Rs 4,546.80 crore from US-based Silver Lake and its co-investors. This is the seventh investment in Jio Platforms in the past six weeks.
Silver Lake had invested Rs 5,655.75 crore in Jio Platforms on May 4. This latest round of investment brings the total investment by the American company and its co-investors in the Reliance Industries subsidiary to Rs 10,202.55 crore.
Silver Lake's investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, and will translate into a 2.08 per cent equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised Rs 92,202.15 crore from leading technology investors in less than six weeks.
"I would like to emphasise that Silver Lake's additional investment in Jio Platforms, within a span of five weeks during the COVID-19 pandemic, is a strong endorsement of the intrinsic resilience of the Indian economy, which will surely grow bigger with comprehensive digital enablement," said Reliance Industries Chairman Mukesh Ambani.
"We are excited to increase our exposure and bring more of our co-investors into this opportunity, further supporting Jio Platforms in its mission to bring the power of high-quality and affordable digital services to a mass consumer and small businesses population. The investment momentum behind Jio validates a compelling business model and underscores our admiration for Mukesh Ambani, his team and their courageous vision in creating and building one of the world's most remarkable technology companies," said Egon Durban, Co-CEO and Managing Partner at Silver Lake.
Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels. Latham & Watkins LLP, Shardul Amarchand Mangaldas & Co and Simpson Thacher & Bartlett LLP acted as legal counsels to Silver Lake. The investment is subject to requisite regulator and other customary approvals.