Image Source: THE HINDU

US-based private equity firm Vista Equity Partners will pump Rs 11,367 crore into Jio Platforms for a 2.32 per cent stake, the third deal after social media giant Facebook and Silver Lake’s share acquisition proposal in the last three weeks. This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, Reliance Industries (RIL) said in a statement on Friday. With this, Jio Platforms, Reliance Industries Ltd's (RIL's) digital services arm, has now raised Rs 60,596.37 crore from three top technology investors in less than three weeks. Currently, all three overseas companies own 13.3 per cent stake in Jio Platforms. The transaction is subject to regulatory and other customary approvals. 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. In Robert and Brian, whose family hails from Gujarat, I found two outstanding global technology leaders who believe in India and the transformative potential of a Digital Indian Society. We are excited to leverage the professional expertise and multi-level support that Vista has been offering to its investments globally for the benefit of Jio, Mukesh Ambani, Chairman and Managing Director of RIL, said in a statement. Vista is a leading global investment firm focused on empowering and growing enterprise software, data and technology-enabled companies that are reinventing industries and catalyzing change. Vista has over $57 billion in cumulative capital commitments and its global network of companies collectively represent the 5th largest enterprise software company in the world. At present, Vista portfolio companies have a significant presence in India with over 13,000 employees. Robert F. Smith, Founder, Chairman and CEO of Vista, said the company believes 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, he added. The Vistas investment will make the PE firm the largest investor in Jio Platforms behind Reliance Industries and Facebook. Many analysts are of the view that stake sale would bolster Jio’s balance sheet and help the conglomerate to reduce the heavy debt burden.