NE BUSINESS BUREAU
MUMBAI, MAY 22
Mukesh Ambani-led Reliance Industries Limited (RIL) and Jio Platforms Limited, India’s leading digital services platform, on Friday announced that KKR will invest ₹ 11,367 crore into Jio Platforms. This transaction values Jio Platforms at an equity value of ₹ 4.91 lakh crore and an enterprise value of ₹ 5.16 lakh crore. This is KKR’s largest investment in Asia and will translate into a 2.32% equity stake in Jio Platforms on a fully diluted basis, a Reliance statement said.
Over the last month, leading technology investors, such as Facebook, Silver Lake, Vista, General Atlantic, and KKR have announced aggregate investments of ₹ 78,562 crore into Jio Platforms.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers.
Founded in 1976, KKR has a long history of building leading global enterprises and successfully investing in businesses in the technology sector, including BMC Software, ByteDance, and GoJek through its private equity and technology growth funds. Since inception, the firm has invested over $30 billion (total enterprise value) in tech companies, and today the firm’s technology portfolio has more than 20 companies across the Technology, Media, and Telecom sectors. In addition, India has been a key strategic market for KKR with a history of investing in the country since 2006.
Commenting on this deal, Mukesh Ambani, Chairman and Managing Director 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.”
Speaking on this development, Henry Kravis, Co-Founder, and Co-CEO of KKR, 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. We are investing behind Jio Platforms’ impressive momentum, world-class innovation, and strong leadership team, and we view this landmark investment as a strong indicator of KKR’s commitment to supporting leading technology companies in India and the Asia Pacific.”
