Jio rakes in another $1.5B from Saudi Arabia’s PIF

Saudi Arabia’s Public Investment Fund will inject 113.7 billion rupees (about $1.5 billion) in Jio Platforms, the digital unit of Indian telecom company Reliance Industries. The investment represents a 2.32% stake and gives Jio an equity valuation of 4.91 trillion rupees.

The deal with Saudi Arabia marks the Mumbai-based company’s 11th funding deal in less than two months, bringing its total backing during that time span to about $15.2 billion.

Reliance Industries has sold more than 25% of Jio since April, when Facebook ignited the investment spree with its $5.7 billion deal. Since then, Vista Equity Partners and KKR have each dropped $1.5 billion on the company and Abu Dhabi’s Mubadala grabbed a stake of its own for $1.2 billion, among other deals. Last week, Indian regulators opened a probe into Facebook’s investment.

Source: Pitchbook

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