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Jio Platforms' Latest Investment Deal With KKR to Push the Digital India Dream

News18.com

Reliance Jio's technology platform, Jio Platforms, has been making headlines thanks to a slew of global investments. It all began with the world's largest social media company, Facebook making a $5.7 billion, or Rs 43,574 crore investment, earning a 9.99 percent stake in Reliance Jio.

This was shortly followed by Silver Lake, which invested Rs 5,655.75 crore for a 1.15 percent stake and Vista Equity Partners, an American investment firm that bought a 2.3 percent stake in Jio Platforms, worth Rs 11,367 crore. A few days ago we saw an investment by General Atlantic acquiring a 1.34 percent stake worth Rs 6,598.38 crore. Today marks the fifth big investment for Jio as private equity firm KKR has offered Rs 11,367 crore in Jio Platforms for a 2.32 percent stake.

Reliance Jio and its investments in India, particularly in the telecom space, have changed the very dynamics of the industry. This is the time when Jio Platforms evolves as a technology company that has expertise in multiple domains. Jio is already present in the broadband space, smart devices, cloud and edge computing, Big Data analytics, artificial intelligence, Internet of Things (IoT), Augmented and Mixed Reality as well as blockchain. The money invested by KKR will help the company achieve what it calls a Digital India vision for 1.3 billion people and businesses across the country, including small businesses, micro-businesses and farmers.

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According to the latest investor, Jio Platforms is a true homegrown next-generation technology leader in India that has the ability to deliver technology solutions and services to a country that is experiencing a digital revolution.

“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,” says Mukesh Ambani, Chairman and Managing Director of Reliance Industries.

Founded in 1976, 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.

“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,” said Henry Kravis, Co-Founder and Co-CEO of KKR.

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