Reliance Jio Gets $746.8 Million Investment From Silver Lake Following Facebook’s $5.7 Billion Investment
Photo: Thetechportal

Reliance Jio Gets $746.8 Million Investment From Silver Lake Following Facebook’s $5.7 Billion Investment

Private equity firm, Silver Lake has announced that it is investing about $746.8 million in India’s biggest tech and telecom firm, Reliance Jio. This comes on the heels of a $5.7 billion investment by Facebook representing a 10% stake in the telecom firm.

 

Reliance Jio is owned by Asia’s richest man, Mukesh Ambani’s Reliance Industries conglomerate. The firm has acquired about 388 million 4G telecom subscribers since its launch in 2016.

 

This has positioned the company as India’s largest telecoms and tech company. Jio had since that time diversified services ranging from eCommerce to broadband and streaming.

 

Mukesh Ambani
Mukesh Ambani, India’s richest man and founder of Reliance Industries Limited.

 

“Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally. Silver Lake is one of the most respected voices in technology and finance.

 

“We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation”, Ambani said in a statement.

 

Silver Lake has about $40 billion in assets with a preference for investing in big tech companies like; Alibaba, Dell, and Alphabet’s self-driving car unit, Waymo.

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Co-CEO and managing partner at Silver Lake, Egon Durban said about Jio’s Platforms:

 

“[They] brought extraordinary engineering capabilities to bear on bringing the power of low-cost digital services to a mass consumer and small businesses population.

 

“The market potential they are addressing is enormous, and we are honored and pleased to have been invited to partner with Mukesh Ambani and the team at Reliance and Jio to help further the Jio mission.” 

 

Silver Lake has also made several investments amid the COVID-19 pandemic in 2020. In April 2020, the firm invested in Expedia and Airbnb, just after a $1 billion Twitter investment in March.

 

The firm had previously invested in Indian commodity trading and risk management software startup, Eka in 2013.

 

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Kolawole Awolope

Passionate about talking, passionate about talking tech.

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