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Facebook and ByteDance broker General Atlantic pumps $870 actor into Reliance Jio

  • Facebook
  • Tech
  • Jio
  • Mukesh Ambani

Facebook and ByteDance broker General Atlantic pumps $870 actor into Reliance Jio

India’s Reliance Jio has scored its fourth advance in four weeks. US-based firm General Atlantic has invested ?6,598.38 cores ($870 million) in Jio Platforms in barter for a 1.34% stake.

In the past month, Facebook, Silver Lake, and Vista group have invested more than $8 billion in Jio, acrimonious up 9.9%, 1%, and 2.32% stakes. The new advance values Jio Platforms at $65 billion.

Bill Ford, CEO of General Atlantic, said the firm shares Reliance administrator Mukesh Ambani‘s confidence that digital connectivity has the abeyant to decidedly advance the Indian economy:

As abiding backers of global technology leaders and abstracted entrepreneurs, we could not be more aflame about advance in Jio. We share Mukesh’s confidence that agenda connectivity has the abeyant to decidedly advance the Indian abridgement and drive growth across the country. General Atlantic has a long track record alive alongside founders to scale confusing businesses, as Jio is doing at the beginning of the agenda anarchy in India.

General Atlantic has an absorbing portfolio of investments that includes Airbnb, Alibaba, Ant Financial, Box, ByteDance, Duolingo, Facebook, Slack, Snapchat, and Uber. In India, the firm has invested in educational startups Byju and Unacademy and real-estate startup NoBroker.

Jio Platforms consists of the company’s carrier casework with more than 388 actor subscribers in India, and JioFiber, its broadband solution. Plus, it offers a bunch of other casework including the music alive app JioSaavn, ball apps JioCinema and JioTV, ecommerce site JioMart, which afresh partnered with WhatsApp to affix grocery shops to consumers in their area.

Published May 17, 2020 — 12:07 UTC

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