All You Need To Know About The PIF-Jio Deal
Experts are saying that the amount of investments fetched by Jio Platforms, is more than the investments raised by all Indian tech startups combined in 2019
This investment doesn’t come off as a surprise anymore with the amount of dollars being raised by Jio Platforms, especially amid the pandemic, where the news headlines are filled with layoffs and salary deductions. Reliance Jio, India’s biggest network provider announced that Saudi Arabia’s sovereign fund The Public Investment Fund (PIF), has invested $1.5 billion in Jio Platforms.
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Reliance Jio’s Latest Valuation And All You Need to Know
This is the 11th investment so far in Jio Platforms, taking the company’s valuation to $15.2 billion till date. Experts say that this is a notable record as it has raised more money than all Indian tech startups combined in 2019. Data firm Tracxn said that the Indian tech startups raised an amount of $14.5 billion last year. Let’s look at the following timeline to gain a clear understanding of this:
| Date | Entity | Amount | Stake(%) |
| 22nd April | 43,574 | 9.99 | |
| 4th May | Silver Lake | 5,656 | 1.15 |
| 8th May | Vista Equity Partners | 11,367 | 2.32 |
| 17th May | General Atlantic | 6,598 | 1.34 |
| 22nd May | KKR | 11,367 | 2.32 |
| 5th June | Mubadala | 9,094 | 1.85 |
| 6th June | Silver Lake | 4,547 | 0.93 |
| 7th June | ADIA | 5,684 | 1.16 |
| 13th June | TPG | 4,547 | 0.93 |
| 13th June | L CATTERTON | 1,895 | 0.39 |
| 18th June | PIF | 11,367 | 2.32 |
This gets the total to 1,15,694 with a 24.7% stake. As mentioned in the table above, this would be the 11th investment in Jio Platforms this year, taking the valuation of the Indian company to $1.5 billion. With Facebook pumping in $5.7 billion in exchange for a 9.95 equity, the investment spree of Jio’s investment kickstarted.
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An Investment Of INR. 6,441.3 Cr From TPG And L Catterton
Mukesh Ambani, the richest man of India and the chairman of Reliance Industries kickstarted Jio as a network provider in 2016. A lot of times, Ambani has referred to the company as “a startup built in Inda by Indians”.
Now referred to as Jio Platforms, Reliance Jio encapsulates the network business, adding to its kitty JioMart, entertainment apps like JioSavvn, JioCinema, JioTV, and a chat app called JioChat.
