Vista Equity Partners has invested $1.5 billion for a 2.32% equity stake in Jio Platforms on a fully diluted basis, making Vista the largest investor in Jio Platforms behind Reliance Industries and Facebook.
Reliance Jio Infocomm Limited, which provides connectivity platform to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms. The transaction is subject to regulatory and other customary approvals.
According to a statement from Reliance Jio, Vista has more than $57 billion in cumulative capital commitments and its global network of companies collectively represent the fifth largest enterprise software company in the world. With 20 years of investing experience exclusively in enterprise software, the Vista portfolio companies currently employ more than 13,000 people.
Mukesh Ambani, chairman and MD, Reliance Industries Ltd, 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. They believe in the transformative power of technology to be the key to an even better future for everyone. In Robert and Brian, whose family hails from Gujarat, I found two outstanding global technology leaders who believe in India and the transformative potential of a Digital Indian Society.
“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,” Ambani added.
Robert F. Smith, founder, chairman and CEO of Vista, added: “We believe in the potential of the Digital Society that Jio is building for India. Mukesh’s vision as a global pioneer, alongside Jio’s world-class leadership team, have built a platform to scale and advance the data revolution it started. 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 Forbes, Smith is worth US$5 billion and last year announced he would pay off the student loans of an entire year of graduates, plus their parents, at one US college with the “gift” reportedly valued at $40 million.
