- India-based digital services company and Reliance subsidiary Jio Platforms has raised $750 million from Abu Dhabi’s sovereign wealth fund
India-based digital services company and Reliance subsidiary Jio Platforms has raised $750 million from Abu Dhabi’s sovereign wealth fund. This investment will give the Abu Dhabi Investment Authority a 1.16% stake in Jio Platforms.
This funding round is the latest in a number of major high-profile investments that were plugged into Jio Platforms over the last couple of months. For example, Facebook bought a stake of nearly 10% in Jio Platforms for $5.7 billion in April. Other investors in Jio Platforms also include Silver Lake ($748 million), General Atlantic ($871 million), Vista Equity Partners ($1.5 billion), KKR & Co. ($1.5 billion), and Abu Dhabi state-owned Mubadala ($1.2 billion).
Abu Dhabi Investment Authority (ADIA) will gain a 1.16% stake for $750 million. Including this funding round, Jio Platforms has now raised nearly $13 billion from the seven investors in exchange for about a 20% stake. This values the company at about $65 billion.
Jio Platforms commercially launched in the second half of 2016 and its growth has surged since then. The company drew millions of subscribers due to the appeal around its heap mobile data and voice call plans.
Hamad Shahwan Aldhaheri of ADIA said that Jio Platforms is expected to benefit from major socio-economic developments and the transformative effects of technology on the way people work.
“The rapid growth of the business, which has established itself as a market leader in just four years, has been built on a strong track record of strategic execution. Our investment in Jio is a further demonstration of ADIA’s ability to draw on deep regional and sector expertise to invest globally in market leading companies and alongside proven partners,” said Aldhaheri.