General Atlantic, the US investment firm that helped fund Airbnb Inc. and Uber Technologies Inc., is discussing a potential investment of about $850 million to $950 million in Jio Platforms, the people said. Get access to select LIVE keynotes and exhibits at TechSparks 2020. Sanchit Vir Gogia, Founder and CEO, Greyhound Research, said, "RIL’s ambitions for Jio are broader and deeper than what meets the eye. We share Mukesh’s conviction that digital connectivity has the potential to significantly accelerate the Indian economy and drive growth across the country. Reliance is also believed to be courting Saudi Arabia's sovereign wealth fund for an equity sale, as it looks to make Jio debt-free. General Atlantic (GA) is betting on Jio Platforms for its large consumer reach and potential offerings in healthcare, IoT and content. The shares hit an intra-day high of Rs 2,267.55 and a low of Rs 2,254.50 thus far. So far, Reliance Jio has bagged investments from Facebook, Silver Lake Partners and Vista Equity Partners. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited. Prior to General Atlantic, Facebook, Silver Lake Partners, and Vista Equity Partners had also picked up stakes in Jio Platforms. Business Insight | Is investment in government bonds a good pension plan? SC seeks implementation details, BJP releases its final list for Bihar polls; four ministers renominated, Trade Setup for Thursday: Top 15 things to know before Opening Bell, Big Story | Severe contraction in India's GDP shown by IMF for FY21. Reliance Jio has received its fourth foreign investment in less than a month. This marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year. It has more than 150 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. The intent is to leverage tech to capitalise on assets across RIL portfolio companies.". Pooja Bhatt Reaches Out, Sushant Rajput's Sister's Twitter, Instagram Profiles Deactivated: Report, 74-Year-Old Man Rescued From Freezer; Family Allegedly Waited For Death, Stock Market Update: Sensex Falls Over 50 Points Amid Choppy Trade, Sensex, Nifty Likely To Have A Positive Start, India Slams Pak At Commonwealth Ministers' Meet For Raising Kashmir, "Trump's Son Tested Positive For Covid, Now Negative": US First Lady, Case Against 10 Suspended UP Cops Over Video On Illegal Earnings, Nitish Kumar's Promise To School, College Girls If Voted Back To Power, Pakistan, China, Russia Win Seats On UN Rights Body; US Upset. Analysts believe that the increasing interest from foreign tech investors is paving the path for Jio Platforms going public, and also becoming profitable by the end of this year. General Atlantic open to raising stake in Jio Platforms: Sandeep Naik 17 May, 2020, 10.28 PM IST Interestingly, GA had invested in Facebook from 2011-2013 and the latest investment in Jio Platforms comes about a month after the US social media major said it will buy 9.9% stake in the Reliance Industries unit. With the latest investment, Jio Platforms, which comprises 15+ applications across telecom, connectivity, commerce, e-health, content, gaming, entertainment, etc., has raised Rs 67,194.5 crore (roughly $8.9 billion) in less than four weeks. At 9:21 am, the shares of Reliance Industries were trading at Rs 2,257.18, up Rs 12.95 or 0.58 per cent, on the BSE. Bill Ford, Chief Executive Officer of General Atlantic, said, “As long-term backers of global technology leaders and visionary entrepreneurs, we could not be more excited about investing in Jio. Register now! 285.8 cr: ICICI Direct. Reliance Industries Chairman Mukesh Ambani with son and Reliance Jio Director Akash Ambani. #TechSparksFromHome. Coronavirus India News Highlights: COVID-19 positivity rate at 8.04%, WHO head Tedros Adhanom Ghebreyesus lauds Aarogya Setu app, says it helped identify COVID-19 clusters, Cycle sales in India jump over two-folds in last 5 months amid COVID-19 pandemic, Coronavirus pandemic caused 'unprecedented' emissions drop: Study. Jio Became First Telecom Operator to Have Over 40 Crore Total Subscribers in July: TRAI, Jio Postpaid Plus Brings Credit Carry Forward Feature for Existing Postpaid Users, Reliance Industries Jumps As Retail Arm Secures Another Investment, Actor On Life Support, Needs Funds For Treatment. Jio's total subscriber base stands at 387.5 million, making it India's largest telecom network. Copyright © e-Eighteen.com Ltd All rights resderved. Reliance Industries shares gained 1 per cent in an absolutely flat market in early trading on the news that the US-based General Atlantic will invest Rs 3,675 crore for a 0.84 per cent stake in its retail arm, Reliance Retail Ventures. The US-based equity firm General Atlantic will invest ₹ 6,598.38 crore in Reliance Industries Limited’s (RIL) Jio platforms. Ideas For Profit | Wipro Q2 review: Can better margins, share buyback, and strong guidance help company match top IT deck? General Atlantic had earlier invested Rs 6,598.38 crore in Reliance Industries' Jio Platforms. Copyright © e-Eighteen.com Ltd. All rights reserved. General Atlantic had earlier invested Rs 6,598.38 crore in Reliance Industries' digital services unit, Jio Platforms. General Atlantic is a leading global growth equity firm with a 40-year  track record of investing in the Technology, Consumer, Financial Services and Healthcare sectors. Some of its holdings include NoBroker, edtech giants Unacademy and Byju’s, payments processor BillDesk, and National Stock Exchange of India. Jio is a data, technology, and ecosystem opportunity. Reproduction of news articles, photos, videos or any other content in whole or in part in any form Reliance Jio net profits for the quarter ended March 31, 2020, stood at Rs 2,331 crore, growing 72 percent from the December quarter. The investment gives General Atlantic a 1.34 percent stake in Jio Platforms on a fully diluted basis, Reliance Industries announced. In the 11th edition of TechSparks, we bring you best from the startup world to help you scale & succeed. Jio bags 4th big investment in 4 weeks: General Atlantic to invest Rs 6,600 crore in RIL digital unit, Sabarimala Temple reopens for devotees on October 16; here are all the COVID-19 guidelines to follow, Compound interest set to be waived off? ALL RIGHTS RESERVED. General Atlantic has invested ₹3,675 crore into Reliance Retail Ventures Limited for a 0.84% stake in the company. An investment of Rs 6,598.38 crore for 1.34% stake in Jio Platforms that took two years to stitch is for the long haul, Sandeep Naik, MD & Head of General Atlantic's business in India & Southeast Asia told ET’s Devina Sengupta and Arijit Barman.

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