Vista Equity Partners announced to pick up 2.32 percent stakes in Jio Platforms worth INR 11,367 crore

India: Vista Equity Partners, a US based private equity firm, has announced to buy 2.32 percent stakes in Jio Platforms Limited for INR 11,367 crore (USD1.513 Billion). This is Vista’s first sizeable investment in the country and the company will be the third largest investor in Jio platforms i.e., Reliance’s digital unit after Reliance Industries and Facebook. Jio platforms is the youngest and the largest telecom company in India with over 388 million subscribers. Jio platform comprise Reliance’s digital investments and properties like Haptik, Jio Cinema, Jio Saavn.

Chairman and Managing Director of RIL, said, “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. 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.”

Founder, Chairman and CEO of Vista, said, “We believe 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.”

According to TechSci Research, this is the third investment in less than 15 days in Jio platforms which is a RIL’s digital unit. Jio Platforms has now raised a total of INR 60, 596.37 crore (USD .0647 Billion) from leading technology investors such as Silver Lake, Vista and Facebook in May 2020. These multiple investments will help bolster Jio’s position as a consumer technology company and help RIL to be debt-free by 2021.

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