India’s Jio Platforms has raised an additional $1.5 billion. The funding comes from private equity firm KKR which is the fifth company to invest in the Indian telco and technology business in as many weeks.
The new investment gives KKR’s Asian division a 2.32 per cent stake in the business, and takes the overall cash invested in Jio Platforms to $10.3 billion over the past month or so and equates to 17.47 per cent of the business.
The other investors are Facebook, Silver Lake Partners, Vista and General Atlantic.
Mukesh Ambani, chairman and MD of Reliance Industries, said: “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.”
Henry Kravis, KKR co-founder and co-CEO, said: “Few companies have the potential to transform a country’s digital ecosystem in the way that Jio Platforms is doing in India, and potentially worldwide. Jio Platforms is a true homegrown next generation technology leader in India that is unmatched in its ability to deliver technology solutions and services to a country that is experiencing a digital revolution.”