Jio Platforms has got its third investment in less than three weeks. PE equity firm Vista has bought a 2.32 percent equity stake in Jio Platforms on a fully diluted basis for Rs 11,367 crore. The transaction values Jio Platforms at Rs 4.91 lakh crore and has an enterprise value of Rs 5.16 lakh crore. Vista is now the third major investor in Jio Platforms after Reliance Industries and Facebook. In less than three weeks, Jio Platforms has raised Rs 60,596.37 crore from three major technology investors.

Jio Platforms is a wholly owned subsidiary of Reliance Industries Ltd. It is a technology company building a Digital Society by bringing Jio applications and Jio’s connectivity platform under one umbrella. The company said that Reliance Jio Infocomm, which provides connectivity to over 388 million subscribers, will remain a wholly-owned subsidiary of the company. The transaction, which is subject to regulatory and other customary approvals, shows the strength of Jio’s business platforms in the country.

“I am delighted to welcome Vista, one of the world’s marquee tech investors globally as a valued partner. Like our other partners, Vista also shares with us the same vision of continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. They believe in the transformative power of technology to be the key to an even better future for everyone,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd in a statement.

“We believe in the potential of the Digital Society that Jio is building for India. We are thrilled to join Jio Platforms to deliver exponential growth in connectivity across India, providing modern consumer, small business and enterprise software to fuel the future of one of the world’s fastest growing digital economies,” said Robert F. Smith, Founder, Chairman and CEO of Vista.

Early this week, Silver Lake announced plans to invest Rs 5,655.75 crore in tech platform at an equity value of Rs 4.90 lakh crore. The PE form offered 12.5 percent premium to the equity valuation of the Facebook investment last month. The social media giant had invested Rs 43,574 crore in Jio Platforms for a 9.99 percent stake, which valued the company at Rs 4.62 crore. The investment is seen as Facebook’s way to turn WhatsApp into a business platform.

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