Reliance Industries eyeing another ₹5,000-10,000 cr for Jio Platforms
Author : Saipriya Iyer | Published Date : 2020-06-15
From the past two months, Reliance Industries’ Jio Platforms Limited, India’s leading digital service platform, has been luring investors across the world. After raising a mammoth amount from numerous investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA (Abu Dhabi Investment Authority) , and Vista, the Indian telecom giant is currently planning to raise another ?5,000-10,000 cr for Jio Platforms by December 2020.
According to sources families with the knowledge of the matter, the telecom giant aims to raise this funding through one or more tranches. The company is in talks with several investors across the globe for additional funding, which are expected to come in by the end of 2020. Reportedly, Reliance is in talks with Saudi Arabia’s PIF (Public Investment Fund) for the next round of funding. The company is planning to sell around 1% of the stake for nearly ?5000 crores.
According to sources, Reliance would raise another ?5000 crores from existing investors by December 2020. Till now, Reliance has raised ?1.24-lakh crore in several deals. Reliance Industries would become net-debt free much before the end of this year.
On Saturday, Jio Platforms Limited raised two tranches of funding from TPG Capital and L Catterton for ?4,546.80 and ?1,894.5 crores respectively, marking its ninth and tenth funding in the past two months.
For the record, Reliance Industries is operating India’s one leading telecom venture called Jio Infocomm. The company also owns numerous digital apps and services such as video streaming service JioTV, music streaming platform JioSaavn, and digital payment app JioMoney. It is also offering services in the field of smartphone and broadband services.
Moreover, Jio Platforms Limited also launched an online retail business under the brand name JioMart in the last month.
About Author
Saipriya Iyer . .
Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i
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