Jio Platforms gets 11th investment; Saudi Arabia’s PIF to invest Rs 11,367 crore for 2.32% stake
Saudi Arabia’s PIF has reportedly struck a deal with Jio Platforms and will invest Rs 11,367 crore for 2.32 percent stake in the digital venture. The move is Jio Platforms 11th deal so far, since the first major deal that took place just nine months ago. The investment by Saudi Arabian PIF is at an equity valuation of Rs 4.91 lakh crore and an enterprise valuation of Rs 5.16 lakh crore.
PIF is estimated to own combines assets of nearly USD 400 billion. Its big investment in Jio Platforms comes close to that of L Catterton and TPG. Founded in 1971, PIF is the sovereign wealth fund of Saudi Arabia. It was founded to invest funds on behalf of the Saudi Arabian government.
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Jio Platforms investment deals so far
The series of investments in the venture began with US-based Facebook investing Rs 43,574 crore in the platform for 9.99 percent stake back on April 22 this year. Since then, many other companies have invested in Jio Platforms with at least one new deal being struck every week. Since the Facebook move, General Atlantic, Silver Lake (two investments), Vista Equity Partners, KKR, Mubadala Investment Company, Abu Dhabi Investment Authority, TPG, and L Catterton have invested in the venture.
Jio Platforms is a next-gen technology-based structure in India that will focus on providing high-quality and affordable digital services across the country. Catering to about 400 million subscribers, the program has already made significant investments across its digital ecosystem.
With the new investment, Jio Platforms has raised Rs 1,15,693.95 crore from leading technology investors. This is the largest continuous funds raised by a company anywhere in the world. Further, the deals even took place amidst a global lockdown, clearly signifying India’s digital potential and Jio’s business strategy. Perhaps the strong attraction towards the venture can be attributed to a few key points. The company is one of the top representatives for India’s digital potential. Its quick success has shown that the company also understands how the Indian market works.